Spanish lender Abanca Corporacion Bancaria has agreed to acquire Deutsche Bank’s private and commercial banking arm in Portugal for an undisclosed sum.
“With the transaction, Deutsche Bank continues to execute its strategy to sharpen its focus and reduce complexity,” Deutsche Bank said in a statement.
At the same time, the German banking group also reaffirmed its commitment to Portugal and said that it will retain its corporate and investment banking business in the region including global transaction banking.
The German bank also ensured that its private and commercial banking business would remain its core business in other markets.
The latest deal adds to the existing presence of Abanca in Portugal, where it already has four branches focused on SMEs, and forms part of its plan to strengthen presence in the high affluent and private banking segment in the region.
The deal is anticipated to be completed in the first half of 2019, subject to regulatory nod.
Deutsche Bank offloaded several business units in the recent times. It sold its banking and custody business in the Cayman Islands, Jersey and Guernsey to the Bank of N.T. Butterfield & Son (Butterfield) last month.
The German bank’s other recent deals include the sale of its US private equity access fund platform to iCapital Network, Polish private and retail banking business to Santander, Alternative Fund Services (AFS) business to Apex Fund Services, and Global Trust Solutions (GTS) business to Butterfield.