Spain’s Banco Santander has formalized its interest in buying Portugal’s Novo Banco, which was formed to rescue the assets of the troubled Banco Espirito Santo (BES).

Portugal’s Banco BPI, and China’s Fosun Group have also expressed their interest for Novo Banco.

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The Bank of Portugal has already begun the sale process for the bank, and potential bidders have a timeline of December 31 to formally express their interest, with the actual bidding phase scheduled to start in the second quarter of next year.

Novo Banco was introduced on this August 4 following the collapse of Banco Espirito Santo owing to the debt of its founder Espirito Santo family.

The Bank of Portugal’s Resolution Fund currently owns Novo Banco after capitalizing it with €4.9bn, an amount expected to be repaid by Novo Banco’s eventual sale.

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