"Over the last weekend, Deutsche Bank Portugal has transferred its entire portfolio of clients from the private and small business area and its assets and collaborators to Abanca Portugal," the institution said in a statement released on Tuesday.
This sale allows, according to the institution, a "lower organic complexity" of the group abroad, with Deutsche Bank continuing to operate in Portugal through Deutsche Bank Portugal, providing banking services to domestic and foreign companies, the state and other public entities.
Abanca acquired the Portuguese business of Deutsche Bank in March 2018 and in November bought the Spanish operation of Caixa Geral de Depósitos (CGD).
On 22 June of last year, the Competition Authority (AdC) gave the green light to the purchase of Deutsche Bank's retail business in Portugal, considering that the business "is not liable to create significant barriers" to effective competition in this market.
The net results of Deutsche Bank in the first quarter of this year fell to €120 million, minus 79% than in the same period of 2017, while Abanca obtained a profit of €155.3 million in the past quarter, more 1.5% than in the same period of 2017.
In the announcement of results, the Spanish bank argued that "the purchase of Deutsche Bank Portugal PCC strengthens the business model [...], reinforcing the positioning in the sale of investment products (funds, savings plans and insurance) and increasing its volume of business in €6.5 billion euros.”