FRANKFURT AM MAIN, 13-Jun-2019 — /EuropaWire/ — Deutsche Bank (XETRA: DBKGn.DE/NYSE: DB) announced it completed the sale of its Private & Commercial Business in Portugal to ABANCA Corporación Bancaria S.A. (ABANCA) on June 9, 2019. The deal was originally announced on March 27, 2018. Deutsche Bank Portugal has already transferred the related clients, assets and employees to ABANCA (Portugal).
What has been transferred to ABANCA, upon completion of the transaction, is as follows:
- Assets under management in the range of EUR ~3 bn;
- Deposits around EUR ~1bn;
- Loans of EUR ~3 bn;
- 330 FTE (full time equivalent) employees.
The divestment is part of Deutsche Bank’s strategy to reduce complexity, costs and the number of full-time equivalent employees. With the current deal Deutsche Bank opens long-term prospects for both employees and clients in Portugal.
Post transaction, Deutsche Bank will remain focused on and committed to its Corporate & Investment Banking business, more particularly the Global Transaction Banking and Corporate Finance and the bank will continue to provide banking services to its Portuguese and international corporate clients, financial institutions and government agencies.
The Deutsche Bank’s Private & Commercial Business is seen as a core business in a number of countries, including Belgium, Italy, Spain and India as well as its home market Germany, where the bank serves well over 20 million clients.
Germany’s leading bank, Deutsche Bank is also having strong positions in Europe and a significant presence in the Americas and Asia Pacific.
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SOURCE: Deutsche Bank AG