Chinese group Anbang Insurance expected to buy Portugal’s Novo Banco

13 August 2015

Chinese group Anbang Insurance is expected to be selected to negotiate with the Bank of Portugal the purchase of Novo Banco, the bank that inherited the “healthy” assets of the bankrupt Banco Espírito Santo, daily financial newspaper Jornal de Negócios reported Wednesday in Lisbon.

Depending on the outcome of the negotiations, the newspaper also said that the Bank of Portugal may recover the proposal of the US Apollo Global Management group for a second round of negotiations, but that Chinese conglomerate Fosun was definitively out of the running.

The financial proposal from the Anbang Insurance Group is the highest, at around 4 billion euros, which includes a portion for capitalisation of the bank.

Anbang Insurance is China’s largest insurance group, a shareholder in a number of banking companies such as Delta Lloyd Bank in Belgium and insurance companies Fidea (Belgium) and Vivat (Netherlands).

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

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