Four years after the Luanda Leaks scandal broke, EuroBic has finally been sold to Abanca, in a deal worth more than $300 million, making the Galicians the seventh-largest bank in Portugal with more than 300,000 customers. Fernando Teles, who led the group of investors who sold the majority 57.5% stake in the Portuguese bank for €175 million, says he sold his position reluctantly and warns that “you can’t hand over the entire national bank to the Spaniards.”

“It's agreed. I'm not very happy, since I had to, and was forced, to sell my position because of the partnership with Isabel dos Santos, which caused me embarrassment at the international level, and specifically with the European Central Bank, which forced me to sell 100% of the shares of the bank,” he told JE Fernando Teles. The businessman raised 114 million euros from the sale of his 37.5% stake in the group of shares in the group of other Angolan shareholders, such as Luís Cortes dos Santos, Manuel Pinheiro Fernandes, and Sebastião Lavrador (each with 5% of the capital) and an additional 5%, held by five employees of the EuroBic management.

“Given the Spanish takeover of Portuguese banks, when there is competition between companies in projects that need financing, it is natural that Spanish companies have more facilities than Portuguese ones,” Fernando Telles asserts.

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