Novo Banco sells Novo Activos Financieros España for €13M
The operation will have a positive impact of 3.5 million euros, says the bank led by António Ramalho in a statement sent to CMVM.
Novo Banco announced the sale of the pension management company in Spain, Novo Activos Financieros España (NAFE), for 12.9 million euros, in a deal that will have a positive impact of 3.5 million on this year’s results.
The information is contained in a statement sent by the bank to the market regulator CMVM. “Novo Banco through its subsidiary GNB Gestão de Ativos, SA announces the conclusion of the sale of the total share capital of Novo Activos Financieros España, SA (“NAFE”) to Team & Work 5000, SL (“TEAM & WORK”), which holds 100% of the share capital of Trea Asset Management, SGIIC, SA, for a total amount of €12.9 million,” informs the institution led by António Ramalho.
NAFE owns Novo Banco Gestion and Novo Banco Pensiones, which in November the assets under management totalled 678 million euros, according to the bank’s statement.
The Portuguese bank says the transaction, which will have a positive impact of 3.5 million on this year’s results, “is an important milestone in Novo Banco’s divestment strategy of non-core assets and continuing its strategy of focusing on the domestic banking business”.
A year ago, Novo Banco had already announced the agreement for the sale of NAFE to Trea, but only now the process has been concluded.
