Bank of Portugal suspends Banco Novo sale

The Bank of Portugal

The Bank of Portugal is suspending the sale of Novo Banco, the ‘good bank' created from the viable assets of the failed Banco Espirito Santo, after concluding the three binding offers it received were "not satisfactory".

In addition to its dissatisfaction with the bid, the central bank pointed to "significant uncertainty" that arose during the process, including the Greek debt crisis and turbulence in Chinese markets. Further uncertainty surrounds the size of any "new capital inflows" the bank m

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