Portugal’s Novo Banco has reached an agreement with China’s Haitong International Securities Group for the sale of Portuguese investment bank Banco Espírito Santo de Investimento (BESI) for 400 million euros, Portuguese financial newspaper Diário Económico reported.
The deal, which still requires regulatory approval, including from the European Union’s Competition Authority, will provide Novo Banco with a significant cash injection and reduce its risk-weighted assets, thus improving its capital ratio of 9.2 percent.
With the acquisition of the largest Portuguese investment bank, Haitong International Securities Group, which operates in the financial sector and is present in markets such as Hong Kong and Singapore, can strengthen its international presence with the entry into markets where BESI has a presence such as Brazil, Spain and the UK.
Founded in Hong Kong in 1973, Haitong International Securities Group is a leading Chinese financial services company with over 4.6 million retail customers and 12,000 corporate customers. (macauhub/CN/PT)