Abanca completed the legal and technological integration of EuroBic, leaving it with 230 points of sale in Portugal and a turnover of 20,635 million euros. The bank starts operating in the country through ABANCA Portugal, SA
The process, which began in July last year, ended with the migration of the technological platform, the rebranding of branches and the integration of ATMs, completed as planned.
EuroBic customers already operate normally on the new platform and now have access to an expanded catalog of products and technological capabilities, including generative AI on the website and in mobile banking via the SOFia service.
“This operation provides us with a platform to continue growing in Portugal in an organic way, positioning us as a reference entity for companies and individuals through an innovative and highly technological banking model”, says, quoted in a statement, Juan Carlos Escotet Rodríguez, president of Abanca.
Francisco Botas, CEO of the international financial group of Spanish origin, based in Galicia, adds that “the quality of our team in the country, which demonstrates in-depth knowledge of the Portuguese market, combined with our capabilities and specialized approach, allows us to reach key segments in our strategy through a differentiated value proposition”.
After integration, the group manages 8,757 million euros in customer credit, 9,159 million in deposits and 2,718 million in off-balance sheet resources. The portfolio has a NPL ratio of 2.4% and coverage of 84.9%.
The bank highlights that the operation is complementary to its business, with revenue synergies and reinforcement in areas such as off-balance sheet, insurance and payment methods.
Governance has also changed, as Abanca now operates in Portugal exclusively through Abanca Portugal, SA, whose Executive Committee will be chaired by Pedro Pimenta, former head of the branch in Portugal.
The bank emphasizes that the integration of EuroBic is the largest of the ten similar operations carried out in the last ten years.