Abanca reaches agreement to buy 95% of EuroBic

Teixeira dos Santos (center) leads the institution

Teixeira dos Santos (center) leads the institution

The operation now needs the approval of the regulatory agencies.

Abanca reached an agreement to purchase 95% of the shares of EuroBic, a bank whose largest shareholder was until now the businesswoman Isabel dos Santos. In a statement, the Spanish bank referred that "Banco de Portugal was informed in detail of the terms of the transaction", but adds that "the EuroBic purchase agreement is subject, as in any transaction of this type, to due diligence. and regulatory authority authorizations".

The president of the Galician bank had confirmed that Abanca was interested in EuroBic, but only if it could control more than 75% of the capital.

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