Portugal’s Novo Banco sells 90% of Banco Internacional de Cabo Verde

3 August 2017

Novo Banco, the bank that inherited the quality assets of bankrupt Banco Espírito Santo, has sold 90% of Banco Internacional de Cabo Verde’s (BICV) share capital to IIBG Holdings, a company incorporated in Bahrain, the bank said in a statement filed with the market regulator.

The statement issued by the Portuguese Securities Market Commission (CMVM) also said completion of the deal, in which Novo Banco will become a minority shareholder with 10% of the capital, is dependent on the necessary approvals, namely with the Bank of Cabo Verde.

The transaction, Novo Banco said, “is another important step in the process of divesting non-strategic assets” of the entity, thus pursuing the “strategy of focus on the domestic banking business.”

The statement gave no information about the amount agreed between the New Bank and IIBG Holdings for the purchase and sale of Banco Internacional de Cabo Verde.

The Governor of the Bank of Cabo Verde (Cape Verde) said in March that, after the sale of the BICV to Portuguese businessman José Veiga, in 2016, he had not received any further request for authorisation to sell the bank.

Veiga had asked for authorisation to acquire all of the BICV’s shares, but the sale was taken over by the Cape Verdean supervisor, after Banco de Portugal also opposed the transaction. (macauhub)