Clifford Chance has advised ABANCA on the purchase of the Spanish banking business of the Portuguese bank Novo Banco. This business, comprising the activities of personal, private, business, corporate and institutional banking, involves 10 offices and a turnover of 4,287 million euros. This acquisition strengthens ABANCA’s position in the Spanish baking sector.

The operation is subject to obtaining the corresponding regulatory authorisations with the standard terms for this kind of operation.

The Clifford Chance team was led by Luis Alonso (Partner, Corporate / M&A) and Miguel Barredo (Senior Associate, Corporate / M&A) with the participation of Regina Camacho and Alberto Varela-Grandal (Associates, Corporate / M&A), Fernando Escribano (Senior Associate, Tax), Jorge Martín-Fernández (Senior Associate, Employment), Juan Cuerva and Manel Santilari (Senior Associates, IP/IT), Maria Luisa Alonso (Counsel, Banking & Finance) and Jesús Quesada (Senior Associate, Capital Markets), Begoña Barrantes (Counsel, Antitrust) and Diego Domenech (Associate, Antitrust).

The Clifford Chance team has advised ABANCA on other corporate actions in recent years, such as the acquisition of Deutsche Bank’s retail and private banking business in Portugal.