Bank of Portugal rejects IIBG’s proposal to buy Efisa and Banco Português de Gestão
Bank of Portugal warned the IIBG that the conditions for approval of the purchase of BPG and Efisa were not met.
The Bank of Portugal (BoP) considers that the conditions for approving the purchase of a qualified stake in Efisa and Banco Português de Gestão (BPG) banks by IIBG Holdings have not been met. According to the newspaper Jornal Económico, the Arabs were notified about a week ago and the Fundação Oriente continues to want to sell BPG, and already has new interested parties.
After the Ministry of Finance gave the “green light” to this operation, in February 2019, IIBG sent the purchase request to the BoP, which in turn would forward it to the European Central Bank (ECB). The ECB’s decision is always made based on the assessment of the proposed acquisition, but also on the BoP’s draft decision, which considered it not to be a viable deal.
Once notified, the IIBG should soon withdraw both proposals, thus bringing to nothing an operation that would have closed for around €27 million. Now, the scenario of Parparticipadas putting an end to the process and Efisa going into liquidation may be back on the table, but the decision will be up to the Ministry of Finance. The Fundação Oriente continues to want to sell BPG and already has interested parties.
