Clifford Chance has advised Spanish financial institution Abanca Corporación Bancaria on the acquisition of a 100% stake in Portuguese bank EuroBic.

The transaction, which is subject to authorisations from the relevant authorities, is a key milestone for Abanca’s growth strategy in Portugal. After the purchase, Abanca will treble its presence in Portugal and will become one of the main banks in the country. The closing is expected to take place in June 2024.

The Clifford Chance team advising on the transaction was led by Corporate / M&A partner Luis Alonso together with senior associate Miguel Barredo, supported by senior associate Beatriz Pérez as well as other lawyers from Clifford Chance’s Madrid, Amsterdam and New York offices. The team was also supported by Portuguese firm Morais Leitão in relation to Portuguese law matters.