Saturday, October 1, 2016

CaixaBank wants to BPI out of the race by the New Bank – the Observer

The leadership of CaixaBank has indicated to investors that will not be in favour of the BPI to proceed with a proposal by the New Bank, it advances the agency Bloomberg, citing four sources close to the process.

spain’s CaixaBank shall be about to take control of the BPI, after the unlocking of the statute that will allow them to proceed with the Public Offer of Acquisition (OPA) by the Portuguese bank. The output of the BPI of the race, to confirm, can complicate the task of the Bank of Portugal, given that only four institutions have found interested. The clarification of the shareholder structure of the BIS was seen as a factor able to unlock the onslaught of the BPI in the New Bank, but the Caixabank will have other plans, according to Bloomberg.

The Observer contacted official source of CaixaBank, for a comment to the news. "In the Face of the news published today, the CaixaBank reiterates that no comments on the process of the New Bank, and that is solely centered on offering on the BPI — this is the official position of the bank.

The process of sale of the New Bank is entering a decisive phase. To confirm-if the output of the BPI of the race, should be limited to three groups that will submit proposals for binding in the next few weeks. The goal is to close the sale until the end of the year.

Portugal has committed itself with the European Commission to sell 100% of the institution and of the assets until the end of July 2017. But in practice and considering the long process of permits, regulators, the choice of the buyer should be closed, at the latest, by the end of the year. This is the schedule desired by the seller, according to information collected by the Observer. But for this, it is necessary to appear binding offers and that are comparable between themselves, which does not exist until now.

though these offerings have not yet materialized, the Observer knows that the expectation of appreciation of the New Bank is today substantially lower than it was in the past. If a year ago if I was afraid that the proposals were insufficient to offset the initial capital injected into the New Bank in 2014, of 4,900 million euros, or even the 3.900 million euros lent by the State to the Resolution Fund, the numbers that are now on the table will be even more short.


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