Portuguese government starts the sale process of bank Efisa

  • ECO News
  • 23 January 2018

The applications to buy the bank Efisa must be presented until February 12, and entities that are qualified have until March 4 to hand in a proposal.

The Portuguese State, through Parparticipadas, has published this Tuesday the open procedure for the sale of the bank Efisa. Those who are interested have 20 days — until the 12th of February — to present their non-binding proposals.

“Entities who meet the minimum criteria set in the programme of the open procedure are able to present their proposals in an application until the 20th day after the publication of this announcement in the Portuguese Official Gazette. Those entities must also be qualified according to the regime of priorities defined in that announcement”, was stated this Tuesday.

Entities who qualify can present their preliminary proposals until March 4, the 45th day after the publication of the announcement. The proposals will then be discussed with competitors until March 19 at most, the 60th after the publication of the announcement.

The bank’s capital is fully held by the State holding Parparticipadas, a society created to take BPN’s assets after its nationalization and which took the assets that the Angolan BIC did not acquire from former BPN.

In December of last year, in a press release sent to the Portuguese Securities Market Commission (CMVM), Parparticipadas acknowledged it’s goal is to conclude the procedure in “three to four” months.

The announcement of the sale takes place after failing to sell Banco Efisa to the company Pivot, an agreement made in 2015, after the end of the deadline for the operation to be concluded.