ABANCA successfully completes the integration of EuroBic and consolidates its position as a key player in the Portuguese market

 

The integration of EuroBic, formally initiated in July of last year with the purchase agreement, has come to an end with the execution of the legal integration and technological migration from the business to the ABANCA platform. These final steps, which included the rebranding of branches and ATMs, were carried out according to the planned schedule.

 

With this culmination, ABANCA begins a new stage in Portugal focused on boosting its growth and becoming a leading financial institution for both individual and business clients.

 

The president of ABANCA, Juan Carlos Escotet Rodríguez, underlined the value of this operation: “This operation provides us with a platform to to continue growing organically in Portugal, positioning ourselves as a benchmark entity for companies and individuals through an innovative and highly technological banking model.”

 

For his part, CEO Francisco Botas highlighted the differentiated value proposition they now offer: “The quality of our team in the country, which demonstrates a deep understanding 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".

 

The Largest Reach in the Bank's History

 

The integration of EuroBic is that of larger wingspan of the ten operations of this type that ABANCA has carried out in the last decade, which demonstrates the solid planning and execution capacity of the group. The project required the effort of 700 professionals Organized into 13 teams, they accumulated 410.000 hours of work to complete 3.350 tasks over the last two years. As of this Monday, the integrated offices proudly display the new logo. BANK as a unique brand.

 

EuroBic customers are already operating under the new platform, benefiting from a wider catalog of products and services and the advanced ones technological capabilities of ABANCA, including the integration of the Generative Artificial Intelligence (IAG) through the SOFia service on its website and mobile banking.

 

Focus on Quality and New Governance

 

Following the integration, ABANCA will manage a business volume in Portugal of 20.635 millones de eurosThis amount breaks down into 8.757 billion in loans, 9.159 billion in deposits, and 2.718 billion in off-balance-sheet resources. The commercial network expands to 230 points of sale distributed throughout the Portuguese territory.

 

A key aspect is the high quality of the portfolio resulting, with a non-performing loan ratio of 2,4% and a coverage of 84,9%. The operation is fully complementaryfacilitating greater development in universal banking, generating revenue synergies and reinforcing strategic lines such as insurance and payment methods.

 

With regards to GovernanceThe activity will be channeled exclusively through the company ABANCA Portugal, SA Pedro Pimenta, who has been linked to the entity since 1999, assumes the presidency of the Executive Commission, being the top official of the bank in Portugal. This integration consolidates the pillars of growth ABANCA's expansion through acquisitions and organic growth has added 118.000 new customers in Spain and Portugal in the first nine months of the year.