Spanish lender Abanca has concluded the purchase of the private and commercial business of Deutsche Bank in Portugal.

The deal was announced in March last year.

The companies did not reveal the value of the transaction.

The deal added €3bn in assets, €1bn in deposits and €3bn in loans to Abanca’s books.

As part of the acquisition, around 330 employees joined Abanca.

Commenting on the deal, Deutsche Bank said: “This step represents further progress by Deutsche Bank in executing its strategic objectives, in particular with respect to reducing complexity, costs and the number of full-time equivalent employees.

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“At the same time, with the transaction Deutsche Bank is opening long-term prospects for both clients and employees in Portugal.”

However, Deutsche Bank will retain its corporate and investment banking business in Portugal that includes global transaction banking.

Besides, the bank confirmed that its private and commercial operations would be its core business in various other markets.

These markets include Germany, Belgium, Italy, Spain and India.

Deutsche Bank was recently in the news for initiating merger talks with Commerzbank. The talks collapsed soon after.

Deutsche Bank also divested several of its businesses lately.

These include its Global Trust Solutions unit that was acquired by Butterfield, Deutsche Bank Alternative Fund Services that was snapped up by Apex, and its corporate services business that was acquired by Vistra.