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Report: PwC says Novo Banco faces significant litigation risks

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Report: PwC says Novo Banco faces significant litigation risks

PricewaterhouseCoopers said April 13 that faces serious litigationrisks because it was created as a result of a for , which had asignificant impact on third parties, Reuters reported the same day.

The litigation risks are related to assets, debts and managedassets transferred to Novo Banco from BES, PwC reportedly said, adding that thePortuguese lender may also struggle to recover all of the loans it extended toAngola's Banco EconómicoSA, in which it has a 9.72% stake.

However, in an April 13 presentation, Novo Banco said itdoes not expect to face any litigation charges, adding that it wants to sell€1.8 billion of noncore assets and shut 170 branches in 2016 to reduce costs.

Portugal's central bank recently the sale process for NovoBanco after failingto find a buyer in 2015.