Spain/Portugal: Abanca launches fourth purchase operation, goes after Caixa Geral
The Spanish banking network Abanca, owned by Venezuelan businessman Juan Carlos Escotet, is looking for a new purchase, snatching up Portuguese bank Caixa Geral de Depósitos, the largest financial institution in that country and in the process of being sold by the Portuguese State. Other companies competing for the Caixa include the Spanish company Cajamar, as well as foreign investment funds.
Caixa accounts for 500 employees and a hundred offices spread mainly across Extremadura, Madrid and Galicia, where Abanca is a market leader.
The operation is already far advanced and it is expected that in the coming weeks the Portuguese Government will reveal the bidders selected for the final phase. The sale should be resolved between July and September, with a deadline imposed by the government for December 2019.
Abanca would be embarking on its fourth purchase operation since its arrival in the country. Previously, it clinched the acquisition of the financial branch of Banco Popular and the Deutsche Bank network in Portugal, and was very close to walking away with the Spanish division of the German bank too.
Full Content: La Voz de Galicia
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
T-Mobile Faces Class-Action Lawsuit Over Sprint Merger After Appeal Denied
May 16, 2024 by
CPI
Google Faces Backlash Over Introduction of AI-Generated Summaries in Searches
May 16, 2024 by
CPI
CMA Launches Phase 2 Probe into AlphaTheta’s Acquisition of Serato
May 16, 2024 by
CPI
NFL Executive Escapes Testifying in High-Stakes Trial Over Televised Games
May 16, 2024 by
CPI
EU Consumers Lodge Complaint Against Chinese Retailer Temu Over Content Rules Breach
May 16, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI