Novo Banco's initial balance sheet ready for potential buyers in December
Novo Banco, formerly Banco Espirito Santo, will have its initial balance sheet available next month for potential buyers to evaluate, Diario de Noticias reported.
Sources close to the process told the Lusophone paper that PwC is auditing Novo Banco and it is expected the bank's initial balance sheet will be finalized next month and made available to potential new investors in the bank, which was recapitalized to the tune of EUR 4.9bn in August after the collapse of BES.
Novo Banco suitors have not yet expressed interest in acquiring stakes in the bank as its start-up balance sheet is not known, the sources said. Once these assets and liabilities of Novo Banco are made public, it will be able to undergo a ECB stress test. Bank of Portugal (BdP) says it expect to receive binding offer for Novo Banco by the middle of 2Q15, the report said.
Elsewhere, Jornal de Negocios cited a BdP statement that said a dossier with information on Novo Banco for potential investors should be ready by early in the New Year.
Diario de Noticias, Jornal de Negocios