Portugal: Spain’s Abanca to acquire CGD’s Banco Caixa Geral

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Portugal: Spain’s Abanca to acquire CGD’s Banco Caixa Geral

7:55 CAT | 22 Nov 2018

File photo: Lusa

Spain’s privately held bank Abanca is to pay Portugal’s Caixa Geral de Depósitos (CGD) €364 million for a 99.79% stake in Banco Caixa Geral in Spain, the bank said in a statement on Thursday.

Abanca said the deal had been approved in a government cabinet meeting.

The acquisition increases Abanca’s turnover by €7 billion, enabling it to “rise one position in the ranking of Spanish entities in terms of net assets,” to seventh position, the bank said.

Abanca also said it would rise two positions in Spain’s largest banks by assets to eighth place.

The acquisition of Banco Caixa Geral will also enable Abanca to “expand its activity in Spanish provinces and reinforce its presence in others where it already operates,” the bank said.

Source: Lusa