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Novo Banco exits Venezuela with branch sale

Novo Banco SA said it has exited the Venezuelan banking sector after selling its branch in the country to locally based Bancamiga Banco Universal CA.

Completion of the sale of the branch's assets and liabilities followed approvals from the Banco de Portugal and the Venezuelan financial regulator, among other conditions.

The Portuguese lender said the transaction is part of its strategy to divest noncore assets and focus on its core domestic banking activities.