Chinese group Fosun International interested in buying Portugal’s Novo Banco bank

4 December 2014

The Resolution Fund has started the process of selling Novo Banco, the bank that inherited the healthy assets of bailed-out bank Banco Espírito Santo, requesting expressions of interest by 31 December, the Portuguese press reported.

In a notice published Wednesday, the Fund called for expressions of interest for the purchase of Novo Banco until December 31 in order to complete the process by July, three months before general elections in Portugal.

Financial daily Diario Económico reported that, despite interest previously expressed by BPI and Santander Totta banks, the European Commission prefers that tNovo Banco is sold to foreign investors.

TVI television station reported Wednesday that Chinese group Fosun International may submit a proposal for 3.5 billion euros for the bank.

Speaking to Bloomberg, in October, the financial manager of Fosun International, which previously acquired Portuguese insurance company Fidelidade and healthcare company Espirito Santo Saude, had expressed interest in Novo Banco

The Resolution Fund’s main mission is to provide financial support for the implementation of remedial measures adopted by the Bank of Portugal. (macauhub/CN/PT)