Novo Banco sells subsidiary’s business in Spain to Abanca

Cuatrecasas lawyers advised the Portuguese bank Novo Banco on selling the majority of its subsidiary’s business in Spain to Abanca. According to the information published by the parties, thanks to this transaction, Abanca will acquire an additional business volume of €4.3 billion, and Novo Banco significantly improves its capital position and its balance sheet structure.

The Cuatrecasas advisory team handling this transaction, whose closure is subject to the approval of the corresponding regulatory authorizations, was led by partners Fernando Minguez and Paulo Costa Martins, with the help of associate Carlota Tojo.