Portugal has cancelled a multibillion-euro auction of Novo Banco, the so-called good bank carved out of the ruins of Banco Espírito Santo, after rejecting offers from Chinese and US bidders as too low.
The Bank of Portugal said yesterday that it had decided to “interrupt the sales process”, describing the three binding offers it had received as “unsatisfactory”.
A second attempt to dispose of the country’s third-largest lender will be launched after the results of European Central Bank’s stress tests are released, within three months, and will probably involve the sale of a minority stake, say officials close to the process.
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