Spanish bank Banco Santander has presented a non-binding offer for Novo Banco, Portugal’s third-largest lender, according to sources. Santander already controls Santander-Totta, Portugal’s fifth-largest bank. Novo Banco holds many of the assets salvaged from last year’s collapse of Banco Espirito Santo. Santander’s move for Novo Banco would be the latest in a series by Spanish banks in Portugal. Caixabank, another Spanish lender, is currently attempting to take over the 55.9% of Portuguese bank BPI that it does not already own, in a complex deal that faces some opposition from BPI’s shareholders.
