China’s Haitong International group authorised to buy Banco Espírito Santo de Investimento

1 September 2015

The sale of Banco Espírito Santo de Investimento (BESI) to China’s Haitong International group has been approved by all respective regulatory bodies, with the latest approval announced on Monday in Brazil by the Central Bank of Brazil.

Approval by the Central Bank of Brazil was needed due to BESI’s Brazilian subsidiary and followed like indications from the European Central Bank and other authorities, meaning BESI now has conditions to take the last step to proceed with the change of shareholders.

To close the deal BESI needed the endorsement of nine entities, including the Bank of Portugal and that country’s Competition Authority and regulators from China, the United Kingdom, the European Commission and the European Central Bank.

In its annual report and accounts released on 21 August, BESI underscored that its first half-year activities focused on “obtaining various regulatory authorisations” to close the sale to the Chinese group and spoke of its clients’ “expectations” regarding the changeover at the investment bank.

For Novo Banco the sale of this asset to Haitong International (formalised on 7 December 2014) represents an inflow of 445 million euros. (Macauhub/BR/CN/PT)