ABANCA completed the acquisition of Portuguese business from Novo Banco.

ABANCA, a financial institution offering personal and business banking services, completed the acquisition of Portuguese business from Novo Banco, a Portuguese bank. Financial terms were not disclosed. With this operation, the entity reaches $120m in business volume and will strengthen its position in two priority areas of activity: the personal and private banking business and the corporate business. The purchase presents a low execution risk and minimal capital consumption.