Haitong buys investment bank BESI
Print Edition
NOVO Banco yesterday sold its investment bank Banco Espirito Santo de Investimento (BESI) to Chinese finance group Haitong for 400 million euros (US$464 million), the Portuguese bank said.
Novo Banco, which arose from the ashes of Banco Espirito Santo (BES) in August, said the deal still needed approval by the Portuguese central bank, the European Commission and competition authorities.
The sale of BESI is the latest stage in the dismantling of the family-controlled Espirito Santo group in the wake of revelations in May of accounting irregularities in one of its holding companies.
Portugal launched Novo Banco as part of a 4.9-billion-euro bailout of BES aimed at averting a national disaster and a fresh eurozone crisis.
Novo Banco, which holds the healthy assets of BES, was itself put up for sale last week, with tenders closing at the end of this year.
The sale is aimed at raising funds to repay 3.9 billion euros to the Portuguese government — the part of the bailout that was granted in the form of a loan.
BESI operates in 16 European countries as well as in the Americas, Africa and Asia.
Its net profit was 3 million euros in the first half of this year.
Haitong International, listed on the Hong Kong stock market, has 4.6 million private customers and 12,000 institutional clients in nearly 30 Chinese provinces.
Novo Banco sold its insurance arm Tranquilidade to Apollo of the US while its travel subsidiary Espirito Santo Viagens was sold to Switzerland’s Springwater and its health unit Espirito Santo Saude was bought by Fosun of China.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
