Deutsche Bank has sold its private and commercial banking business in Portugal, including leasing operations, to Spain’s Abanca for an undisclosed amount.

The sale involves a loan portfolio of €2.4bn (£2.1bn), deposits of €1bn and off-balance sheet assets of €3.1bn. Operations will be fully integrated in the Abanca brand by the first half of 2019, subject to regulators’ approval.

“With the transaction, Deutsche Bank continues to execute its strategy to sharpen its focus and reduce complexity,” the German banking group said.

It added: “Deutsche Bank remains firmly committed to Portugal and will remain present with its operations in corporate and investment banking … providing banking services to Portuguese and international corporate clients, financial institutions as well as government agencies.”

Abanca is based in the Northwest of Spain, and offers equipment finance facilities to SMEs among other products. The acquisition in Portugal will add over 40 offices to its existing four branches in the country.

Deutsche Bank has been gradually shedding elements of its business post-crisis, as part of a reorganisational drive. In addition to Portugal, the group operates leasing businesses in its home market of Germany as well as other countries, including Spain and Italy.

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