Deutsche Bank: sale of the Private & Commercial Business in Portugal to ABANCA successfully completed
On June 9, 2019 and as planned, Deutsche Bank (XETRA: DBKGn.DE/NYSE: DB) completed the sale of its Private & Commercial Business in Portugal to ABANCA Corporación Bancaria S.A. (ABANCA) that Deutsche Bank announced on March 27, 2018. Over the course of the previous weekend Deutsche Bank Portugal transferred the corresponding clients, assets and employees to ABANCA (Portugal).
With completion of the transaction, assets under management of EUR ~3bn, deposits of EUR ~1bn, and loans of EUR ~3 bn as well as approximately 330 FTE were transferred to ABANCA.
This step represents further progress by Deutsche Bank in executing its strategic objectives, in particular with respect to reducing complexity, costs and the number of full-time equivalent employees. At the same time, with the transaction Deutsche Bank is opening long-term prospects for both clients and employees in Portugal.
Deutsche Bank remains committed to its existing businesses, namely its Corporate & Investment Banking business, especially Global Transaction Banking and Corporate Finance and we will continue to provide banking services to our Portuguese and international corporate clients, financial institutions and government agencies.
The Private & Commercial Business remains a core business of Deutsche Bank in dedicated countries, including Belgium, Italy, Spain and India as well as our home market Germany, where we serve over 20 million clients.
For further information please contact:
Deutsche Bank AG
+49 800 910-8000 (Frankfurt)
+44 20 7541-4100 (London)
+1 212 250-0604 (New York)
About Deutsche Bank
Deutsche Bank provides commercial and investment banking, retail banking, transaction banking and asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals. Deutsche Bank is Germany’s leading bank, with a strong position in Europe and a significant presence in the Americas and Asia Pacific.
This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 22 March 2019 under the heading “Risk Factors”. Copies of this document are readily available upon request or can be downloaded from www.db.com/ir.