Santander expresses interest in Portugal's Novo Banco

Lisbon

SPANISH bank Santander on Tuesday formalised its interest in acquiring Portugal's Novo Banco, with its Portuguese unit Santander-Totta saying: "Taking into account the reference terms of Novo Banco sale, Santander decided to present itself for the first phase of the process, which consists in the manifestation of interest."

Earlier, Portuguese Banco BPI said that it was interested in acquiring Novo Banco. Sources have said that Spain's Banco Popular would also express its interest in Novo Banco and that Banco Bilbao Vizcaya Argentaria (BBVA) was also expected to take part in this initial phase. Portuguese media have said that China's Fosun, which in October bought healthcare provider Espirito Santo Saude for 460 million euros (S$740 million), may also be interested.