We have advised ABANCA, one of the major players in the Spanish financial sector, on its acquisition of EuroBic (Banco BIC Português, S.A.), one of the largest banking groups in Portugal.
Founded in 2011, ABANCA is one of the largest Spanish banks, with over 650 branches in Spain and more than 6,500 employees distributed across 11 countries. In recent years, the bank has engaged in a series of strategic acquisitions to further consolidate its position in the banking sector and this transaction marks the 10th operation in 10 years.
EuroBic, formerly known as Banco BIC Português, is a commercial bank based in Portugal and founded in 2008. With c. 1,500 employees, it offers a wide range of banking services, such as personal and business banking, investment services, and wealth management.
The acquisition of EuroBic exponentially strengthens ABANCA's position in Portugal, making it the seventh-largest banking group in the country. Overall, it increases its customer base by 4x, up to 325,000, and its commercial network by 3.5x, with 251 branches spread across the country's 18 districts and the autonomous regions of the Azores and Madeira, while multiplying its turnover by 2.6x, surpassing €20.3bn.
