The lineup to buy Novo Banco is shrinking further as the People's Bank of China will no longer be bidding, nor will Spain’s Banco Popular
Of the seven candidates who made non-binding bids for the purchase of Novo Banco, there are five left to enter the next stage which involves making sealed bids for the bank which arose from the wreckage of BES last August.
There remain two Chinese, one American, one Spanish and one Portuguese bank in the contest.
Santander, BPI, Fosun, Anbang Insurance and America’s Apollo have yet to withdraw.
Questions remain over the BES bondholders and their possible €500 million recompense by Novo Banco.
This, coupled with various legal actions by out-of-pocket investors including Goldman Sachs owed €584 million through its vehicle Oak Finance in Luxembourg, make Novo Banco a difficult prospect for many potential buyers who may value clarity over other criteria.
