Deutsche Bank assesses the sale of branches in Portugal and Spain
Selling their operations in Portugal and Spain to raise two billion euros: that is Deutsche Bank's purpose, the bank which is currently having an eight billion euros' recapitalization.
Deutsche Bank started assessing the market’s interest on a possible sale of their branches in Spain and Portugal, disclosed the Spanish newspaper El Confidencial. The goal is for the sale to raise up to two billion euros.
If they find enough interested entities, the German bank’s intention is to open a competitive process in April, states El Confidencial, quoting sources close to the process. The revenue from the sale will be used to help the eight billion euros capital increase, announced last week, and which aims to stop the constant rumors in the market about the bank’s solvency.
In Portugal, Deutsche Bank’s branch has been going through a restructuring process for several months: predictions were that by the end of 2016, 15 agencies would have closed, six investment centers would open and some employees would be made redundant, according to Bernardo Meyrelles, chairman of the bank, last September. Deutsche Bank has around 400 employers in Portugal, distributed between 50 branches and, according to Meyrelles, 15 agencies to be closed are located mostly in Lisbon and Oporto. But at the time, the chairman did not reveal how many people would be affected.
