“Any opportunity that arises in Portugal will be looked on with interest” – Abanca

  • Lusa
  • 3 February 2021

Juan Carlos Escotet, president of the Galician bank, has once again dismissed interest in EuroBic, but says he is still watching Portugal, a "strategic" market for Abanca.

The president of the Galician bank Abanca, Juan Carlos Escotet, told journalists on Wednesday that any opportunity that arises in Portugal will be looked on with interest by the institution.

“Portugal is for us a strategic destination, absolutely complementary to what we have done in Spain,” the president of Abanca said.

Juan Carlos Escotet spoke to journalists at a press conference held by telematic media as part of the presentation of Abanca’s results in 2020.

He also said that in the context of the incorporations made in recent years, Abanca had looked at the Novo Banco’s business in Spain, but without decisions made yet.

“We are in a process of revision and considering whether it meets the requirements” for expansion of the bank, and only after that will it define a position,” Escotet said.

Abanca had also bought Banco Caixa Geral de España, previously owned by the Portuguese Caixa Geral de Depósitos.

At today’s conference, Juan Carlos Escotet also said that there had been no developments about the possible purchase of EuroBic, which Abanca gave up last year.

Abanca recorded profits of 160 million euros in 2020, down 60.5% from 405 million euros in 2019, with 273 million euros in provisions due to the pandemic, the Galician bank said.

In presenting the results, the president of the bank, Juan Carlos Escotet, said that 2020 had been an especially complex year, very difficult.