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Several bidders for Novo Banco

Several companies, including Chinese groups Fosun International and Anbang Insurance and the US fund management company Apollo Global Management have presented binding proposals for the purchase of Portugal’s Novo Banco. According to news reports, the Resolution Fund and the Bank of Portugal received three binding bids to buy Novo Banco. While a statement from Bank of Portugal did not identify the bidders, news reports said Spanish banking group Santander and fund manager Cerberus have given up. Apollo Global Management is an American investment fund that controls Portugal’s Tranquilidade insurance company, Fosun International is a Chinese conglomerate that acquired Portuguese insurance company Fidelidade and healthcare company Espírito Santo Saúde and Anbang Insurance is a Chinese financial group that has a strong presence in the insurance sector.

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