Capital markets in Portugal
Morais Leitão, Galvão Teles, Soares da Silva & Associados handles a steady flow of capital markets matters, showcasing an impressive transactional track record in equity and debt deals. Listed companies, issuers and investment banks make up the majority of its client roster, for which the team handles mandates pertaining to public offerings, capital increases, hybrids and other securities. Its full-service capabilities are further enhanced by the firm's use of technology (Legatics) to provide a more efficient and transparent method of running legal transactions. Co-head Eduardo Paulino is proficient in public takeover processes in the banking, telecoms and media sectors. Other key individuals include the highly regarded Carlos Osório de Castro, securities expert Ricardo Andrade Amaro and Maria Soares do Lago, whose experience covers debt issues and derivatives.
Tomás Vaz Pinto; Eduardo Paulino
Other key lawyers:
Ricardo Andrade Amaro; Carlos Osório de Castro; Maria Soares do Lago; Magda Viçoso; Diana Ribeiro Duarte
‘Knowledge and experience in the market, ability to deliver, proximity to the client and availability. Carlos Osório de Castro and Ricardo Andrade Amaro are recommended.’
‘Ricardo Andrade Amaro is knowledgeable and experienced. His delivery capacity, empathy, proximity and availability are outstanding. Diana Ribeiro Duarte also stands out.’
‘High technical competence and availability whenever the need for an urgent response arises.’
‘Eduardo Paulino and Maria Soares do Lago are excellent.’
‘Great experience and very competent professionals, who are always available and looking for innovative solutions.’
‘Carlos Osório de Castro stands out for his knowledge and for his ability to “always be ahead”. Eduardo Paulino is also recommended.’
‘In addition to the expertise in specific matters such as those related to financial and capital market operations, the availability and proactivity of the various elements of the firm make the difference and bring added value to the client.’
‘Eduardo Paulino, Magda Viçoso and Maria Soares do Lago are the lawyers with whom we have been working with for many years in this area.’
- Advised EDP – Energias de Portugal on the share capital increase with a subscription amount of up to €1,020bn through a public subscription offer.
- Advised Cofina on the public offer for the subscription of 188.888.889 ordinary, book-entry and registered shares, with no nominal value, representing 64.81% of the share capital of Cofina after the increase.
- Assisted VAA and Visabeira in connection with the issue and admission to trading on a regulated market of circa 10% of the shares representing the share capital of VAA, successfully placed by means of an accelerated bookbuilding offering to qualified investors.
PLMJ has a strong following among Portuguese listed companies, domestic and international financial institutions, which seek the team's advice on the gamut of debt and equity capital markets deals. The group provides comprehensive legal services, covering takeovers, IPOs, corporate governance, derivatives and securitisation transactions. The latter is a core strength for co-head André Figueiredo, who is also seasoned in large public takeovers. Raquel Azevedo excels in both equity and debt transactions, and demonstrates further expertise in corporate governance. Gonçalo dos Reis Martins and Bruno Ferreira are also often involved in capital markets work.
Other key lawyers:
Hugo Rosa Ferreira; Gonçalo dos Reis Martins; Bruno Ferreira; Raquel Azevedo
‘PLMJ demonstrated high analytical capacity, legal specialisation, agility and impeccable client management.’
‘I would highlight the knowledge and experience of the entire team in the capital market area. André Figueiredo stands out for his professionalism and understanding of the specific needs of his client.’
‘We work a lot with André Figueiredo, who stands out for his availability, and above-average technical knowledge.’
‘André Figuereido is our go-to-lawyer in Portugal. He is always available and gives us excellent advice throughout all stages of a transaction.’
‘There are three elements that differentiate PLMJ from all other law firms I have worked with: responsiveness: all requests are answered within 24 hours. Even when they take longer to resolve, there is immediate communication and excellent customer management; innovation: PLMJ’s capital market team helped in the creation of the first social impact fund in Portugal. This was only possible due to the commitment and innovative character of the team; talent and commitment: from the partners to the junior team, the quality of the work carried out by PLMJ’s capital market team is unique, always exceeding our expectations as a partner and client.’
‘André Figueiredo stands out for his innovative spirit and responsiveness; and Bruno Ferreira stands out for his management skills.’
‘Reputation, track record, advice oriented to the client’s business, availability and competitive fees. Bruno Ferreira and Raquel Azevedo are recommended.’
IGCP (Portuguese Sovereign Debt Agency)
Deutsche Bank AG
Caixa Geral de Depósitos
Incus Capital Advisors
Futebol Clube do Porto
- Advised TAP on an international offer of high-yield senior bonds addressed to institutional investors and in the domestic Public Offering of Notes (retail and institutional), admitted to trading in Euronext Lisbon.
- Assisted KKR Credit Advisors in Project Nata, a transaction to acquire a portfolio of NPLs, designed as an issuance of securitised bonds, subscribed by an entity controlled by KKR, with financing by JPMorgan.
- Advised Futebol Clube do Porto on the amendment to the credit securitisation named Dragon Finance No. 1 to allow an increase in the nominal value issued by an additional amount of €50m.
VdA's capital markets practice has secured a leading position in the Portuguese legal market through its involvement in numerous high-value and innovative transactions. Testament to its standing is the impressive track record in debt capital markets deals, in which the team is regularly instructed by underwriters, issuers and joint lead managers. Recent highlights saw the group advising on the first issuance of non-preferred senior debt in the Portuguese capital markets, which is likely to set the path for new issuances of this type of instrument. Key fields of expertise also include public offers, green bond issues, securitisation matters and takeovers. Practice head Pedro Cassiano Santos is a reference in debt capital markets, while José Pedro Fazenda Martins is the name to note for equity deals. Also noteworthy is Hugo Moredo Santos, who excels in public offerings and private placements of equity, debt and hybrid securities.
Pedro Cassiano Santos
Other key lawyers:
Hugo Moredo Santos; José Pedro Fazenda Martins; Tiago Correia Moreira; Benedita Aires
Banco Bilbao Vizcaya Argentaria, S.A.
Banco Invest, S.A.
Caixa Geral de Depósitos, S.A.
Mota-Engil SGPS, S.A.
Morgan Stanley & Co. International PLC
Beka Finance, Sociedad de Valores, S.A
Apollo Management International LLP
Caixa Bank, S.A.
- Assisted Morgan Stanley & Co. International, J.P. Morgan Securities and Banco Comercial Português (the joint global co-ordinators and remaining members of the syndicate of underwriters) on the public subscription offer of 309,143,297 shares of EDP – Energias de Portugal.
- Advised Morgan Stanley, Citigroup Global Markets Limited and J.P. Morgan Securities (as initial purchasers) in connection with the issue by TAP of 3,483 senior notes under US Regulation S and 267 senior notes under US Regulation 144A.
- Assisted Banco Invest, Banco Bilbao Vizcaya Argentaria, Beka Finance, Sociedad de Valores, Crédit Agricole Corporate and Investment Bank, as joint lead managers; and Região Autónoma dos Açores as issuer in relation to the latter’s €180m fixed rate senior bond issue.
The team at Cuatrecasas is regularly sought after by banks, issuers, institutional shareholders, investors and hedge funds. The full range of debt and equity capital markets services are handled by the team, with practice head Maria João Ricou regularly acting in debt offerings. Manuel Requicha Ferreira manages a busy workload, comprising equity and debt deals, including takeovers, securitisations, public offers and governance matters. Recent standout mandates for the team include advising on the first green bond issuance in the hotel industry, and assisting with a major bond restructuring and public rights offering.
Maria João Ricou
Other key lawyers:
Manuel Requicha Ferreira; Margarida Leal Oliveira; Paulo Costa Martins
Portuguese Public Debt Agency
Bank of America Merrill Lynch
Apollo Global Management
Caixa Geral de Depósitos
Deutsche Bank Asset Management
- Provided Portuguese legal advice to Grupo Pestana in the context of the issuance and admission to trading of green bonds.
- Advised Apollo Global Management in the restructuring and refinancing of the issuances of notes by four Apollo Portuguese vehicles held by Deutsch Bank.
- Assisted CaixaBank – Sucursal em Portugal and Banco BPI in their capacity as financial intermediaries in the share capital increase of listed media company Cofina through a rights public offering reserved to Cofina’s shareholders followed by a private offer for institutional investors.
With particular expertise in equity capital market transactions, Garrigues acts for major listed companies in Portugal across a range of sectors, including telecoms, media and banking. On the regulatory side, the group offers assistance to financial and investment institutions in a range of compliance matters. The team is also active in the debt space, but demonstrates particular experience in public offers, rights issues, dual listings, securitisation and recapitalisation mandates. These are all areas of activity for the highly regarded Diogo Leónidas Rocha; he jointly heads the practice with Marta Graça Rodrigues, who focuses on corporate governance and securities laws.
Diogo Leónidas Rocha; Marta Graça Rodrigues
Other key lawyers:
Merlin Properties SOCIMI, S.A.
CTT – Correios de Portugal, S.A.
Novo Banco, S.A.
Banco Santander Totta, S.A.
Société Générale Sucursal en España
Banco Bilbao Vizcaya Argentaria, S.A.
JP Morgan Securities plc
Morgan Stanley & Co. International plc
BNP Paribas Securities Services
Novabase SGPS, S.A.
- Assisted Merlin Properties in the dual listing of its shares on the regulated market of Euronext Lisbon.
- Advised Société Générale Sucursal en España and Banco Santander Totta on the subscription of circa €200m notes issued by Portuguese listed company Cofina.
- Advised Novabase on the structuring and launching of its share buy-back programme, the first time-scheduled buy-back programme launched by a Portuguese listed company.
With a strong international footprint, Linklaters has broad capabilities across the full range of capital markets matters. In addition to advising on debt and equity transactions, the group also undertakes work pertaining to derivatives and structured finance. Public takeovers, IPOs and public and private offers of securities are also among typical instructions for the department under the leadership of securities expert António Soares. The group has been particularly active providing regulatory advice to banking and financial institutions in relation to the implications of Brexit. Vera Ferreira de Lima is a name to note for financial regulation matters.
Other key lawyers:
Vera Ferreira de Lima
‘This team is exceptionally competent, accompanying the client whenever necessary, anticipating and identifying needs.’
‘Vera Ferreira de Lima stands out for her enormous capacity to provide prompt responses and her proximity to the client.’
‘Market reputation and cross-border service.’
‘António Soares is the most reliable lawyer in this practice area. Vera Ferreira Lima is very available and has a proactive approach when looking for solutions.’
‘Linklaters has some of the best and most experienced lawyers in the national capital market, not to mention the most reputable and experienced António Soares, who is surrounded by a young, experienced, creative and dynamic team, of which we highlight Vera Lima.’
‘I recommend António Soares for his experience, knowledge, soft skills and creativity. Vera Lima stands out for her dynamism, security, experience and knowledge.’
‘The professionalism and quality of the team is clearly above average.’
‘Vera Ferreira Lima stands out for her proactivity, know-how and proximity to the client.’
China Three Gorges (Europe), S.A.
Banco BNP Paribas Personal Finance, S.A.
Novo Banco S.A
Fosun International Limited
Fidelidade – Companhia de Seguros, S.A.
Semapa – Sociedade de Investimento e Gestão, SGPS, S.A.
Caixa Geral de Depósitos Group
Lloyds Bank plc
Merril Lynch International
- Assisted China Three Gorges (Europe) in the sale, by way of a private placement via an accelerated bookbuild addressed exclusively to qualified investors, of 65,820,000 shares representing approximately 1.8% of the share capital of EDP.
- Acted as Portuguese and English law advisers to European Investment Bank and European Investment Fund in their respective capacities as note purchaser and guarantor on a STS auto-loan securitisation involving the issuance of €610m by TAGUS – Sociedade de Titularização de Créditos, a Portuguese securitisation company.
The capital markets department at Uría Menéndez – Proença Carvalho has close contact with regulatory authorities, attracting instructions from an impressive pool of international investors. Equity offerings feature regularly in the team's workload, which also includes debt capital markets transactions, privatisations and deals involving listed companies and Portuguese financial institutions. Carlos Costa Andrade, whose broad practice encompasses the full array of capital markets deals, oversees the department. Miguel Stokes is also part of the core team; public takeovers, management of mutual funds and structured finance are among his specialisms.
Carlos Costa Andrade
Other key lawyers:
Cofina, SGPS, S.A.
IIBG Holdings, B.S.C.
InterCement Portugal, S.A.
Faber Capital – SCR, S.A.
Pagantis S.A., Sociedad Unipersonal
Adar Capital Partners
- Advised CaixaBank; JB Capital Markets; Nau Securities Limited; and Caixa – Banco de Investimento on the increase of VAA – Vista Alegre Atlantis’s share capital through new cash contributions and the removal of shareholders’ pre-emptive rights through an accelerated bookbuilding process.
- Assisting Commerzbank in Portuguese legal matters relating to the structuring and issuance of financial instruments in the Portuguese market.
Campos Ferreira, Sá Carneiro & Associados
Campos Ferreira, Sá Carneiro & Associados undertakes a variety of capital market transactions, with a particular focus on equity deals. The firm offers advice to investors and listed companies on the offering of securities, takeovers, IPOs and rights issues. Regulatory issues and corporate governance services are also provided by the group.
Specialising in cross-border transactions, CMS covers the whole spectrum of equity and debt capital markets transactions, securitisation and regulatory matters. In addition, the team provides routine assistance on corporate governance and compliance matters to several listed companies and shareholders. Leading the department is Francisco Xavier de Almeida, who has substantial experience in privatisations and credit securitisation.
Francisco Xavier de Almeida
J. Stern & Co
Attestor Capital LLP
Standard Life Aberdeen plc
Caixa – Banco de Investimento, S.A.
FCE bank plc
Barclays Bank Plc
Galp Energia, SGPS, S.A.
- Advised the arrangers (Barclays Bank and Caixa – Banco de Investimento) on the update of an EMTN programme for REN – REDES ENERGÉTICAS NACIONAIS and REN Finance.
- Advised the lenders in connection with a secured financing granted to Huf group.
- Advised Aquila Capital group in connection with the issue of several tranches of commercial paper registered at Interbolsa (Portuguese clearing system) in the total amount of €126m including amending terms and conditions and changing issuers.
Gómez-Acebo & Pombo
The capital markets team at Gómez-Acebo & Pombo offers advice on a range of debt and equity deals. Miguel Castro Pereira has a wealth of experience in capital markets, given his previous experience at the Lisbon Stock Exchange. In addition, he is knowledgeable in investment funds and cross-border transactions. Fellow co-leader Mafalda Barreto is regularly retained by hedge funds.
Mafalda Barreto; Miguel Castro Pereira
Other key lawyers:
Filipe Santos Barata
‘GA_P, apart from comprising highly skilled and specialised lawyers, on the top of that the teams are accessible and client oriented. GA_P lawyers, besides their technical legal knowledge, have the ability to efficiently deal with people and the problems of the relevant industry, providing an excellent legal service based on transparency.’
‘I have worked closely with Filipe Santos Barata, Of Counsel of GA_P, who I consider to be a very experienced, dedicated and knowledgeable lawyer, extremely focused on the Client and on solving problems and presenting efficient solutions, always providing an in-depth analysis and top legal advice.’
- Advising Inspecs Group on its IPO on the London Stock Exchange’s AIM market.
- Advising a hedge fund in respect of the takeover launched by EDP – Energias de Portugal on EDP Renewables (Euronext: EDPR).
With a strong understanding of regulatory issues, Sérvulo & Associados provides regular assistance to leading credit and financial institutions and investment banks. Paulo Câmara, who specialises in securities law and corporate governance, and Manuel Magalhães jointly lead the practice, which is equipped to advise on debt and equity capital markets transactions, investment funds and fintech, for which the firm fields a dedicated support team. Furthermore, it has recently launched a new integrated ESG (environment, social and governance) service to fully assist clients with compliance matters.
Paulo Câmara; Manuel Magalhães
Other key lawyers:
Francisco Barona; Verónica Fernández; Sofia Thibaut Trocado; Francisco Boavida Salavessa; Maria Gabriela Teixeira Duarte; José Guilherme Gomes
‘Availability of contact and speed / efficiency in the response; compliance with agreed deadlines; expertise and knowledge of the legal and regulatory framework for asset Management, as well as the respective European legislation.’
‘Paulo Câmara has a remarkable power of synthesis and the ability to present solutions that are simple but fully adjusted to what is desired. Manuel Magalhães has great knowledge of the real estate market and practice in this field, which makes him a reference in the field of Real Estate Investment Agencies. Francisco Barona, Verónica Fernandez, Sofia Thibaut Trocado and Francisco Salavessa have remarkable knowledge of the legislative and regulatory frameworks of asset Management, being constantly updated in their evolution.’
‘Although availability and speed of execution are high, the firm is able to maintain a personalised service, which helps to build a close and trusting relationship.’
‘Paulo Câmara combines a unique knowledge of capital market issues with an exclusive and personal dedication to the matters in which he provides support, which strongly differentiates the services provided in relation to other law firms.’
‘Our experience with Sérvulo & Associados is very positive. They effectively monitor the client, with permanent partner involvement. The quality of human resources is excellent. They work in an articulated manner with clients, almost as if they were an extension of their business.’
‘Paulo Câmara is the team leader and distinguishes himself for his skills and proximity to the client. Gabriela Teixeira Duarte, despite her youth, is an excellent resource given her technical knowledge, work capacity and high level of commitment to the client. Francisco Barona is very thorough in the assessment of situations.’
‘Sérvulo’s team is multidisciplinary, and demonstrates excellent technical and legal knowledge; availability and proactivity; timely delivery of the service requested by the client; and understanding of the client’s business.’
‘I highlight Paulo Câmara for his experience and knowledge in this area. He understands the true needs and limitations of the client. I would also like to highlight Verónica Fernandez for the excellent work developed, always with great flexibility and collaboration.’
Novo Banco, S.A.
Novo Banco Dos Açores
EDP – Energias de Portugal, S.A.
EDP Renováveis, S.A.
Flexdeal – SIMFE, SA
DIF Broker – Sociedade Financeira de Corretagem
Interfundos – Gestão de Fundos de investimento imobiliário, S.A.
Edmond de Rothschild Europe
Crest Capital Partners – SCR, S.A.
Hcapital Partners – SCR, S.A.
SQUARE – Sociedade Gestora de Fundos de Investimento Imobiliário, S.A.
GNB – Sociedade Gestora de Fundos de Investimento Mobiliário, S.A.
GNB – Sociedade Gestora de Fundos de Investimento Imobiliário, S.A.
Banco De Cabo Verde/ AGMVM
FS Capital Partners, S.A.
TREE Family Office
Norfin – Sociedade Gestora Fundos de Investimento Imobiliário, S.A.
Fidelidade – Sociedade Gestora de Organismos de Investimento Imobiliário, S.A.
- Assisted CREST CAPITAL PARTNERS in all the steps for the incorporation and registration at the Portuguese Securities Market Commission (CMVM) of a private equity firm and a first private equity fund.
- Assisted FLEXDEAL in the process of capital increase, public offer and listing of shares, involving leading contacts with banks, the Stock Exchange and the regulator.
- Provided assistance to Senseidata in completing the formalities of converting existing equity into capital and raising an additional international investment round for the development and licensing of an autonomous and check-out free stores system.
SRS Advogados is particularly skilled in cross-border transactions, and has recently been increasingly active in domestic capital market deals. The group's strength lies in securitisation transactions; nonetheless, it is also adept at assisting with IPOs and listings, bond issues and regulatory matters. Noteworthy individuals include practice leaders William Smithson and Alexandra Valente, who both have more than two decades' worth of experience in structured finance and capital markets.
William Smithson; Alexandra Valente
‘Flexibility, ability and willingness to listen to the clients, availability and hard work.’
‘Their strong proactivity combined with their high level of technical knowledge makes them stand out.’
‘The practice, led by Alexandra Valente, is perhaps the most competent in Portugal, working efficiently and thoroughly in the most demanding transactions whilst maintaining a high level of interaction and communication with the client. The quality of the delivered product is outstanding.’
‘This firm has demonstrated a strong knowledge of the legal environment of the jurisdictions it covers, a sound track record of successfully concluded deals, an above average availability to analyse specific emerging problems and propose the necessary solutions. ’
‘Alexandra Valente is deeply committed to getting the safest and best structured legal solution for the client. ’
‘Alexandra Valente leads a highly competent team. On a par with the quality of their work is the permanent availability to be there for the client.‘
- Advising the initial purchasers in the refinancing of Empark (Iberian car parking developer) made by a bond issuance.
- Advising the Global Coordinators on the IPO of 7.5% of the Cahora Bassa hydro plant in Mozambique.
- Advising Rabobank, as subscriber, on the amendment of a bond issue by BA Glass Portugal to meet sustainability/environmental criteria to qualify as green bonds.
CARDIGOS stands out in the market for its longstanding expertise in derivatives work. The team attracts instructions from sovereign entities, regional governments and banks on a range of transactional matters and derivatives disputes before Portuguese and English courts. Pedro Cardigos is skilled at handling capital markets deals; he oversees the team with Maria Almeida Fernandes, who focuses on regulatory and transactional matters. The practice also fields specialist knowledge of securities law and compliance issues.
Pedro Cardigos; Maria Almeida Fernandes
‘Cardigos has a team of very experienced professionals, with great availability for the client and enormous attention to detail. Pedro Cardigos and Maria Almeida Fernandes are the lawyers who stand out.’
‘Pedro Cardigos has an extraordinary experience and unique ability to define scenarios, and analyse alternatives and their impacts. Maria Almeida Fernandes’s knowledge and technical ability are outstanding.’
IGCP (Portuguese Debt Agency)
JP Morgan Chase
The Navigator Group
- Assisted IGCP with the issue of treasury bonds for 2020 (€4bn), from signing to closing, including post- issue matters.
- Provides ongoing assistance to companies of the Amorim group in the negotiation of derivative transactions in connection with ISDA master agreements.
- Provides ongoing assistance to companies of the Navigator Group (formerly Portucel Soporcel group) in the negotiation of derivative transactions in connection with ISDA master agreements.
Founding partner António de Macedo Vitorino jointly leads the capital markets team at Macedo Vitorino & Associados with André Vasques Dias. The practice heads bring together expertise in securities law, structured finance and cross-border transactions. Debt capital markets is a key pillar of the practice, which is also active in acquisition finance.
António de Macedo Vitorino; André Vasques Dias
- Advising Barclays Bank in connection with the update of several base prospectuses pursuant to the Barclays Global Structured Securities Programme.
Raposo Bernardo fields a cross-practice team, which combines expertise in equity and debt capital markets deals, banking and project finance. International banks and funds seek the department's advice on securitisation transactions and asset financing. Nelson Raposo Bernardo is the key point of contact.
Nelson Raposo Bernardo
‘Absolute focus on generating results and adding value to our business and activity. Transparent and honest relationship, with excellent relations between the team of lawyers and our in-house teams. Nelson Raposo Bernardo is a true leader for his spirit and personality. The work undertaken in the area of capital markets involves contacts with banks of various types, national and international. Any securitisation is always a complex and time-consuming project, but he handled the transaction from start to finish. It could not have gone better!’
‘I would like to point out, as well as other qualities of service in particular, the speed, rigor, certainty and security that they transmit. I cannot fail to highlight Nelson Bernardo. What sets him apart is his quick and very perceptive reasoning ability and negotiation skills. There is nothing in the legislation concerning capital markets that he does not dominate. Having him in charge of a negotiation or a contract or any other matter is clearly a guarantee of success.’
‘I couldn’t be happier with the quality of Raposo Bernardo’s services. They are very professional, rigorous, meticulous, and are always well prepared. Nelson Raposo Bernardo is an extraordinary lawyer.’
‘All lawyers are very good technically. They have in-depth knowledge of legislation pertaining to financial services and capital markets. I also highlight their qualities in terms of contacts and negotiation with several parties, including CMVM, Euronext, national and international banks, financial advisors, etc. All matters are dealt with a matter of urgency but the team is able to provide efficient and detailed advice.’
‘Nelson Bernardo stands out as a lawyer with extensive experience in the capital markets. He is a legal encyclopaedia, very practical and has great negotiation skills.’
‘Nelson Raposo Bernardo is one of the best lawyers I have worked with.’
RRP Advogados assists with a combination of transactional and regulatory matters. It is particularly active handling the refinancing of projects through new types of debt securities or new issuance procedures. Drawing on its affiliation with the EY Law network, the practice is able to act for issuers, sponsors and investors in cross-border mandates. Manuel Cordeiro Ferreira oversees the capital markets and financial services department; his experience covers takeover offers, securities law and fund formation.
Manuel Cordeiro Ferreira
Zetland Capital Partners
Banco de Negócios Internacional (Europa)
Banco BNI Europa
- Advised Zetland Capital Partners on a €35m bond issuance to refinance the acquisition of a landmark asset in Portugal.
- Providing ongoing advice to CaixaBank Group on several legal aspects concerning the launching of several activities of the group in Portugal.
- Advised Abanca on the potential acquisition of a majority shareholding in EuroBic.