Sale of Banco Internacional de Cabo Verde cancelled by the Bank of Portugal

18 February 2016

The Bank of Portugal has vetoed the sale of Banco Internacional de Cabo Verde (BICV) to businessman Jose Veiga following investigations related to the operation, “with a view to protecting the reputation of Novo Banco,” the central bank said in a statement.

The statement, published on the website of the Bank of Portugal, noted that the “purchase and sale contract entered into by Novo Banco requires no opposition from the Bank of Portugal”, therefore BICV’s shares will not be transferred.

The Portuguese central bank clarified that it “had no role” in the process of selling BICV to the businessman, having learned of the case in question at the end of December 2015 as part of contacts with Novo Banco.

“This process was exclusively conducted by Novo Banco, within the framework of the management powers of its Board of Directors resulting from the general authorisation for the disposal of assets (…) in October 2014,” the statement said.

The businessman, who had asked permission to acquire all the shares of BICV, formerly Banco Espírito Santo de Cabo Verde owned by Novo Banco (Portugal), on 18 January, has been in custody since 8 February on suspicion of corruption and influence peddling, among other crimes. (macauhub/CV/PT)