Portugal’s Banco BPI is set to participate in the first round of bidding process for buying Novo Banco.
Novo Banco was launched as a good bank in August 2014 to rescue assets of the bailed-out Banco Espirito Santo (BES), which succumbed to the debts of the Espirito Santo family.
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As part of the bailout, 4.9bn ($6.1bn) of capital was pumped into Novo Banco from a domestic resolution fund, including money from the state and other domestic banks, and now plans are on to sell the bank so that the money can be recovered.
The Bank of Portugal has asked potential buyers to express their interest by this December 31 and make binding offers by the middle of the second quarter of next year.
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