Sale of Cabo Verde International Bank nearly completed

4 January 2016

The sale of the Cape Verdean bank Banco Internacional de Cabo Verde, owned by Portuguese shareholders, is nearing completion, Portuguese television station TVI24 reported.

The bank, which until November 2014 was called Banco Espírito Santo/Cabo Verde, became pat of Novo Banco following the resolution process of Banco Espírito Santo (BES), with orders from its shareholder “to limit business activity,” according to TVI24.

In addition to Banco Internacional de Cabo Verde, which is the archipelago’s third largest bank with nearly 1,900 customers, most of which are private, Novo Banco also said that the sale of another non-stategic asset was at an advanced stage – Banque Espirito Santo et de la Vénétie.

With these sales and other recent decisions Novo Bank starts 2016 with a restructuring plan underway, which is vital for a new attempt to sell the bank itself, which is expected to happen in January.

The sales process of Novo Banco was suspended by the Bank of Portugal in September 2015 after turning down three proposals from Chinese companies Anbang Insurance and Fosun and US fund Apollo Global Management. (macauhub/CN/CV/PT)