Deutsche Bank transfers private and SME clients to Abanca

A little over one year after the first official announcement, the Deutsche Bank has now completed the transference of its Portuguese SMEs and Private clients’ operations to Abanca. The German Bank will remain in Portugal, operating at a higher level of corporate and investment banking.

“During last weekend, Deutsche Bank Portugal has transferred the whole portfolios of private clients and SME, as well as their respective assets and employees to Abanca.”, the German Bank has confirmed in a public statement.

The Deutsche Bank explains this disinvestment, previously announced on March 2018, with “the execution of strategic objectives, allowing for a less organic complexity within the group”.

The German Bank has stressed that it will “remain operating in the country through Deutsche Bank Portugal”, an entity that “will continue its activity in corporate and investment banking, including Global Transaction Banking, Corporate Finance and Corporate Banking”.