Abanca confirms interest in EuroBic. “We have capital,” says the president

  • ECO News
  • 4 February 2020

Abanca confirmed its interest in EuroBic. But it says it will only advance to the purchase if it can control at least 75% of the capital. Escotet says he has money for more acquisitions.

Abanca confirmed this Tuesday that it is in the race for EuroBic. The president Juan Carlos Escotet says the Galician bank is also betting on growing in Portugal by acquiring other banks. The leader also leaves a warning to the competition: “We have capital structure to grow inorganically,” said this Tuesday.

“We want to continue growing not only organically, but also inorganically. We have the capital structure to grow in an inorganic way,” explained Escotet, recalling that in recent years the Abanca has completed four integration processes of other banks.

“As for EuroBic, we’ve had information that a change in the shareholder structure is intended and this led us to ask about the process. Now there will be a competitive process, we have the interest to participate in the whole process,” added.

Following the controversy with EuroBic, Isabel dos Santos put her 42.5% position up for sale. Juan Carlos Escotet revealed that he will only advance to the purchase if other shareholders of EuroBic – namely Fernando Teles, who controls 37.5% – also want to sell.

“What has been Abanca’s policy is that we don’t participate in any kind of integration or merger in which we don’t control the bank. We don’t know the other shareholders’ position [of EuroBic]. If there isn’t a minimum of 75% control, we don’t participate,” assured Juan Carlos Escotet.

Abanca wants to secure a majority stake in order to apply our business model and corporate model explained the bank’s chairman.

The chairman of Abanca also said that “Portugal is clearly within the plans, it is an attractive market”. “We want to consolidate Abanca as an Iberian bank,” he said.