Haitong buys Novo Banco investment banking unit
New York
HAITONG Securities Co, China's second-largest brokerage by market value, will buy the investment banking unit of Portugal's Novo Banco SA for 379 million euros (S$618 million) to expand outside its home market.
The sale of Banco Espirito Santo de Investimento SA is dependent on approval from regulators, including the Bank of Portugal and European Commission, Novo Banco said in a statement on Monday.
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