Novo Banco concludes the sale of 75% of its Macau branch

25 May 2017

Novo Banco, the bank that inherited the “quality” assets considered of bankrupt Banco Espírito Santo, has completed the process of selling 75% of Novo Banco Asia to Well Link Group Holdings Limited, of Hong Kong, the bank said in a market filing.

The bank also said in the statement issued by the Portuguese Securities and Exchange Commission that the Macau branch was sold for 145.8 million euros.

The sale agreement also provides for a number of buy and sell options, with terms already agreed, covering the remaining 25% and which can be exercised within five years for a total price for 100% of 183 million euros.

Novo Banco, whose capital is now 75% owned by US investment fund Lone Star, said in the statement to the market that this sale is “another important step in the process of divesting non-strategic assets,” to focus on business in Portugal and in the Iberian Peninsula.

However, it added, “maintaining a shareholder presence in Novo Banco Asia’s capital over the next five years will enable it to develop its strategic pillar to support the export and internationalisation of Portuguese companies in such an important geographical area.”

Well Link Group Holdings Limited, established in November 2015 is controlled by a group of investors with interests in insurance mediation, financial services to individuals and businesses, securities brokerage and futures and asset management. (macauhub)