Novo Banco Asia, the Macau unit of Portugal’s Novo Banco, has been entirely sold to Well Link Group Holdings Limited, a company incorporated in Hong Kong.
A statement to the market released on Thursday in Lisbon via the Portuguese Securities Market Commission indicates that closure of the deal per the agreed terms will have a major positive impact on Novo Banco’s common equity tier I.
“This transaction represents yet another important step in the process of divesting non-strategic assets of Novo Banco, which continues its strategy of focusing on domestic banking business,” the statement reads.
Novo Banco inherited what were considered the quality assets of the failed Banco Espírito Santo. It did not disclose the value of the deal with the Hong Kong group.
Well Link Group Holdings Limited was incorporated in November 2015 and is not stock-exchange listed. According to Reuters financial agency it is controlled by a group of investors with interests in insurance, securities and futures brokerage, financial services for private individuals and corporations, and asset management. (Macauhub/MO/PT)