According to the Business Journal, the details of the agreement are closed and lack only the New Bank take ownership of the former insurer of the Holy Spirit Group for the transaction to be formalized.
manager of North American assets will pay less than a tenth of a loan of EUR 700 million that BES had about ESFG and that the insurer was guaranteeing. The company’s high exposure group to the Holy Spirit is what explains the devaluation of Tranquility.
The completion of the deal, which had dragged on for a few months, is being pressured by the Insurance Institute of Portugal, regulator sector, while lacking the conditions also hit the distribution of insurance products to the branches of the New Bank
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