This was not what the Bank of Portugal was looking for at all. The latecomer to the Novo Banco sale process, Minshege, has submitted details of its offer which involves buying just 50% of Novo Banco and selling off the remaining half on the stock market.
Despite the possibility of an enhanced overall result for the Resolution Fund and the taxpayer, the Resolution Fund is still keen on an outright sale of 100% of Novo Banco in order to recoup part of the billions it was obliged to advance in 2014.
The Chinese offer came in while Antonio Costa was in China and is not binding.
This new proposal will formally be evaluated by the Resolution Fund which will decide whether to open sale negotiations with Minsheng which is being advised by Haitong - run by former Espírito Santo family member, José Maria Ricciardi.
The proposal will not be favoured by the Bank of Portugal as selling Novo Banco shares on the stock market has always been a plan B.
The Chinese offer comes on top of the regular bids for 100% of Novo Banco made by those institutions that have followed the formal bidding process.
