Abanca takes control of Eurobic in November

Portugal’s bank EuroBic, formerly known as BIC, but had to change its name in 2017 because its was too like Banco BiG, will finally vanish from the market to be incorporated into Spain’s Abanca.

EuroBic Portugal, a Portuguese commercial bank offering retail, private, and corporate banking services, was acquired by the Spanish bank Abanca in 2023. The bank currently operates under the transition brand EuroBic Grupo Abanca, with plans to fully integrate its systems with Abanca by the end of 2025.

The bank had arisen as a partnership between Isabel dos Santos and Américo Amorim but was acquired by Abanca that will now unify the two brands under the single Abanca brand.

By November the Eurobic brand will cease to exist with the closure of 24 branches and the shedding of 60 staff.

“With the goal of simplifying the business structure, both entities have bene merged, unifying them under the Abanca brand in an operation that will be concluded in November 2025”, said an official source at the Spanish bank based in Santiago de Compostela.

Since closing the purchase deal in July 2024 for an acquisition first announced in November, 2023, Abanca maintained the two brands, later changing them to Eurobic/Abanca, a name which will now cease to exist.

EuroBic posted a profit of €84 million in 2024, a fall of 19% in relation to 2023, although data for the business turnover for that year has not been released. The bank was founded in 2008.

Source: Negócios