Novo Banco and Apollo submit bids for EuroBic

  • ECO News
  • 30 July 2021

The Apollo fund and Novo Banco have submitted bids to take over EuroBic. The bank led by António Ramalho is interested in the corporate loan portfolio.

Novo Banco and the Apollo fund have submitted bids to take over Isabel dos Santos’ and Fernando Teles’ positions in EuroBic. The J.C. Flowers fund and Abanca are negotiating directly with shareholders, the latter to take 100% of the institution.

In Novo Banco’s case, the institution led by António Ramalho has reportedly revised the bank’s contract documents and decided to take a step forward. The intention will be to strengthen Novo banco’s corporate loan portfolio, one of EuroBic’s strong points, reports Jornal de Negócios.

The sale of EuroBic began in January last year, after the revelations associated with the Luanda Leaks case. Isabel dos Santos has 42.5% of EuroBic – a stake that has since been seized – and Fernando Teles has 37.5%.