The BPI bank officially on Tuesday an expression of interest in buying the New Bank, who welcomed the healthy assets of the former Banco Espírito Santo.
In a statement posted on the Securities Market Commission site, the bank headed by Fernando Ulrich said that the board of directors, “since the disclosure of the terms of reference of the procedure for the sale of the New Bank, decided that Banco BPI is presented to the first phase of the process, “delivering the corresponding Expression of Interest”.
The BPI becomes thus the first entity to state their intent to be eligible to purchase the New Bank, a process that the supervisor, the Bank of Portugal, would like to see completed next year, although, officially, the term can extend up until summer 2016.
This does not mean, however, that the bank will to formalize an effective offer to purchase, because until the winner is chosen there is still more stages to go. The first, of expressions of interest, ends at 17 pm on the last day of the year, followed by a second in which proposals will be made not binding. The following is a third, there already with the delivery of binding proposals, which may be negotiated, and then the decision of the contest winner.
The expression of interest BPI was sent to the bank BNP Paribas, which was chosen by the Bank of Portugal to advise the Bank of New alienation process. And therefore confirms previous statements Fernando Ulrich, who considered that it was required to “analyze the opportunity” arose.
If formalize a binding offer that is chosen as the best, BPI, combining the operation of the New Bank , will lead the private banking market in Portugal.
The New Bank follows the breakup of the former Banco Espírito Santo, when the supervisor, compared to losses of more than 3500 million euro, decided to intervene in the institution. BES was with toxic assets and the bank now directed by Stock da Cunha received healthy assets.
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