Portuguese state holding company Parparticipadas has sold all of its 93.65% stake in BPN Participações Brazil, the holding company that controls Banco BPN Brasil, the subsidiary of nationalised Portuguese bank Banco Português de Negócios, to non-listed Brazilian company Crefipar Participações e Empreendimentos, the state company said.

“The value of the transaction corresponds to the value of equity on that date, plus a premium of 2 million euros, with a benchmark equity value (on 30 November, 2016) of 11.03 million euros,” said the statement sent to the Portuguese Securities Market Commission (CMVM).

Parparticipadas said in a statement that “the sale to the purchaser Crefipar Participações e Empreendimentos, a Brazilian company, is subject to obtaining the necessary authorisations, including the Central Bank of Brazil.”

Parpaticipadas said that the sale “continues the sale of the shares that were transferred from Banco Português de Negócios to the state in February 2012.”

Banco Português de Negócios (BPN) was nationalised in 2008 and was the first nationalisation in Portugal after 1975.

Four years after being placed under the management of state bank Caixa Geral de Depósitos, BPN was sold to Banco BIC Português, a Luso-Angolan company, for 40 million euros, while other assets belonging to the bank (including toxic assets) were passed on to companies created purposely to absorb them (Parvalorem, Parparticipadas and Parups). (macauhub)