ABANCA completed the acquisition of a 39.8% stake in Nueva Pescanova, for $204m.

ABANCA, a Spanish bank, completed the acquisition of a 39.8% stake in Nueva Pescanova, a multinational company in the sector of seafood commercialization, from Caixabank and Banco Sabadell, raising its stake to 80.46%, for $204m. Abanca signaled it is investing for the long-term, seeking to rebuild the financial strength of a company it deems “fundamental” for the fishing-centric economy of Galicia, the northwesternmost region of Spain.