Portugal’s central bank on Friday relaunched the sale of Novo Banco, created as part of the rescue of Banco Espirito Santo (BES bank), after a first attempt last year was halted due to unsatisfactory bids.
The Bank of Portugal’s Board of Governors said it had “decided to renew the sale process” of Novo Banco with details of the sale to be announced later.
The first attempt to sell the bank was halted in September after three investors had submitted bids.
The offers by Chinese insurance and banking group Anbang, Chinese conglomerate and investment group Fosun and the US investment fund Apollo were deemed “unsatisfactory”.
Novo Banco was created from the ashes of BES, once one of Portugal’s largest lenders, but which collapsed …
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