Tuesday, December 30, 2014

Popular formalizes interest in the New Bank – Business Journal – Portugal

Popular formalizes interest in the New Bank – Business Journal – Portugal

It is the fifth potential candidate to buy the New Bank. The People’s Bank has formalized the interest in the institution, according to sources quoted by the Spanish group Europa Press. The bank warns, however, that is not committed to submit any proposed purchase.

After the BPI, Santander, Fosun and Apollo, also the People’s Bank, which already is present in Portugal, formalized the interest in the New Bank, according to sources of the institution led by Ángel Ron cited by Europa Press agency. Expressions of interest from Spanish group brings to five the number of potential candidates for purchase of bank led by Eduardo da Cunha Stock.

According to sources quoted by Europa Press, the letter to the Portuguese authorities in showing their interest in continuing to study the New Bank and how it would fit in their growth plans. And while stressing that the People are not committed to submit a bid for bridge bank, the institution sources They state that the letter admits the possibility of making an offer to purchase “when the time comes.”

Popular is present in Portugal since 2002, when it acquired the National Credit Bank (BNC), then controlled by Portuguese businessman Américo Amorim. It is the fifth institution to formalize their expressions of interest in the New Bank, a prerequisite to enter the race to buy the bridge bank.

According to the timetable set by the resolution fund, investor New Bank , and the Bank of Portugal, expressions of interest in the bank led by Eduardo da Cunha Stock may be submitted up to 17 hours this Wednesday, December 31.

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