trending Market Intelligence /marketintelligence/en/news-insights/trending/9t5qx41s0ryjtXm9G9x5Kw2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

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

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity


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.