The Bank of Portugal will only choose Novo Banco’s sale type when the final proposals are received
There are five interested parties in the purchase of Portuguese bank Novo Banco, which must present their final proposals until November 4.
The Bank of Portugal will only choose the type of sale to be applied to Novo Banco after it receives the final proposals of the five interested parties in the good bank resulting from the resolution of the Portuguese bank BES, brings forward Portuguese newspaper Dinheiro Vivo.
There are two possible types of sale agreements: direct sale to institutional buyers or the dispersion of part of the stock exchange capital. BPI, BCP, Appolo/Centerbridge and Lone Star are interested in the first model, while the Chinese group Misheng is interested in the second.
All of them have until the November 4 to hand in the final proposals and only then will the Bank of Portugal take their final decision.
If the sale agreement goes against planning, Novo Banco will need further restructuring. More precisely, if the bank is not purchased by the end of the year, 500 employees will have to be made redundant.
