The Portuguese authorities in opposition to the sale of Novo Banco in Caixa | EUROtoday

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The checklist of European governments that elevate barricades in opposition to financial institution acquisitions is enriched with a brand new case. This time it’s Portugal to oppose the try to accumulate Novo Banco, the fourth financial institution of the Lusitanian nation, by the Spanish group Caixa Bank who’s already current in Lisbon controlling BPI, a fifth Portuguese group.

A couple of weeks in the past, when Caixa’s curiosity emerged for the primary time, Finance Minister Joaquim Sarmento had highlighted the opposition of the manager to the operation since “the Spanish banks already represent about a third of the Portuguese banking market”, including that “it is in the interest of the country that there is not an excessive dependence or a concentration of our banking sector in the hands of a single country such as the Spain”. The Spanish big Santander is already current in Portugal in Portugal.

The occasions

Last weekend, then, it emerged that each the Spanish Caixa and the French group BPCE-Natixis introduced formal affords to detect 75% of the capital of Novo Banco within the arms of the personal fairness fund makes use of Lone Star.

By mid -June, the fund ought to take the ultimate determination on its exit technique by the financial institution by selecting from what thus far appeared the principle speculation, specifically the itemizing on the inventory change through iPo, or the sale of the bulk package deal to a single financial institution.

Double observe

Both the Top Management of Novo Banco and the Portuguese authorities would favor the IPO, which might hold the autonomy of the institute by avoiding aggregations that at this second appear undesirable.