Santander Totta rules out EuroBic acquisition

Santander Totta rules out EuroBic acquisition

The Spanish-owned bank Santander Totta has ruled out putting in an offer to buy the Angolan-Portuguese bank EuroBic.

The CEO of Santander Totta, Pedro Castro e Almeida, said it was not in the running to buy part or all of Eurobic which was created from the collapsed bank BPN in 2008 and is headed by the former Portuguese finance minister Fernando Teixeira dos Santos who served in the PS party José Sócrates government which fell in 2011.

With over 200 branches around Portugal, the bank was created after the Portuguese State nationalised the collapsed BPN bank. Fernando Teixeira dos Santos has been at the helm of EuroBic since 2016.

In July 2017, the bank was forced to change its name from Banco BIC to EuroBIC after a legal case initiated by Banco BIG complaining that its name, brand and trademark were confusingly similar (BIC/BIG).

Pedro Castro e Almeida said: “We are not looking nor will we look” at putting in an offer for the bank, when asked if Santander Totta was interested.

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