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Novo Banco completes sale of stake in Banque Espírito Santo et de la Vénétie

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Novo Banco completes sale of stake in Banque Espírito Santo et de la Vénétie

Portugal-based Novo Banco SA said Dec. 28 that it completed the sale of its majority 87.5% stake in Paris-based Banque Espírito Santo et de la Vénétie SA to Promontoria MMB SAS — an affiliate of Cerberus Capital Management LP.

The transaction's completion had an estimated positive impact of 30 basis points on Novo Banco's common equity Tier 1 ratio. Terms and conditions of the deal were not disclosed.

The sale is part of its strategy to divest noncore assets and focus more on its core Iberian banking business.