Wednesday, July 1, 2015

New bank with three candidates – Correio da Manhã

 Photo António Cotrim / Lusa

The old BES clients harmed by buying commercial paper of GES will be a headache for the new owner

01/07/2015 4:00

New bank with three candidates

Fosun , Anbang and Apollo in the final stretch.

 By Diana Ramos, Miguel Alexandre Ganhão

There are three final candidates to the purchase of the New Bank: the two Chinese rivals Anbang and Fosun alongside the US Apollo background. The Spanish Santander and the American fund Cerberum Management are out of the race.

The Bank of Portugal yesterday issued a statement in which he assumes are three institutions that submitted binding offers to purchase the old BES. The regulator “will evaluate the proposals in the coming weeks, in the light of the evaluation criteria set out in the contract documents,” said the institution led by Carlos Costa.

After looking at the three offers, the Bank of Portugal will then invite the three competitors to improve the proposals, so that there is an improvement in the conditions offered. According to the ‘Business Journal’, the regulator may choose a kind of auction between the candidates.

The fourth phase of the sales process of the New Bank, which now begins It is optional and works in a logic of the highest bidder. It is a kind of direct negotiations between the Resolution Fund, the Bank of Portugal and the three candidates that will differentiate the offers on the table, increasing the price of the sale and closing the gap to 4900 million euros injected at the time of resolution. “It’s a scenario on the table,” he told CM source of the financial sector.

The Fosun and Anbang, found the CM , are better positioned in the race but the formalization of Apollo interest, owner of Tranquility insurance company, will help to raise the price offered by the candidates.

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