Arab Group IIB Holdings well positioned to buy a bank in Portugal

20 July 2018

The best-positioned candidate to buy Portuguese investment bank Efisa is IIB Group Holdings, a Bahrain company that recently completed the acquisition of a 90% interest in Banco Internacional de Cabo Verde from Novo Banco, the bank that resulted from the closure of Banco Espírito Santo, Portuguese financial daily Negócios reported.

On second place on the list of proposals to buy Banco Efisa, is Angola’s Banco Económico, which was set up in October 2014 to replace Banco Espírito Santo Angola, which has Angolan national oil company Sonangol and Portugal’s Novo Banco among its shareholders.

The newspaper said that the list is already with the Ministry of Finance, which “should evaluate and process the matter in the next two weeks.”

Banco Efisa was created in December 1994 following the merger of two para-banking institutions, investment company Efisa – Engenharia Financeira and Geoleasing – Sociedade de Arrendamento Financeira Mobiliária, which became part of the Banco Português de Negócios group in 2001.

Following the nationalisation process of Banco Português de Negócios in 2008, Banco Efisa was included within the perimeter of this nationalisation, and the re-privatisation process is underway.

Banco Efisa ended 2017 with a loss of 6.542 million euros, an increase of 5.5% compared to losses of 6.197 million euros registered in 2016. (macauhub)