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Novo Banco sells stake in car park manager for €69M

Novo Banco SA indirect subsidiary ES ConcessionsInternational Holding BV entered into an agreement to sell a 22.21% stake incar park management firm Empark – Aparcamientos y Servicios SA to Dutch firm ParkinvestBV for €69 million.

Completion of the transaction willhave a positive impact on Novo Banco's common equity Tier 1 ratio. The stakesale is part of the lender's strategy of divesting noncore assets whilefocusing on its core banking activity.

The deal is subject to certainregulatory and contractual approvals.