Bank of Portugal receives improved proposal to buy Novo Banco

10 August 2015

The Bank of Portugal has received a single improved proposal for the purchase of Novo Banco from the three finalists by the deadline of 5 pm on 7 August, the central bank said in a statement issued Friday in Lisbon.

“The Bank of Portugal announces that, following the call for revised binding proposals for the acquisition of Novo Banco, one proposal was received by the deadline on 7 August 7 (5 pm),” the statement said, which did not disclose the identity of the finalist.

The Portuguese central bank also said, “the binding offers received on 30 June remain fully valid and have since been the subject of clarifications in the context of discussions with each of the three potential buyers.”

The bank also said in the coming weeks it would evaluate binding proposals submitted by the three potential buyers and that “in light of this evaluation, decide on the best strategy to follow.”

Applicants to the purchase Novo Banco are Chinese groups Anbang Insurance (no activity in Portugal) and Fosun International (which bought the Fidelidade insurance company from the Portuguese state and healthcare company Luz Saúde from Novo Banco) and US investment fund Apollo Global Management (which acquired insurance company Tranquilidade from Novo Banco). (macauhub/PT)