MADRID: Spain’s Santander said it had presented a non-binding offer for Portugal’s Novo Banco, the successor to rescued Banco Espirito Santo, in the second phase of a sale process that has attracted 14 other potential bidders.
Last August, the government rescued what was once Portugal’s biggest lender by market value with a 4.9 billion euro (US$5.3bil) bailout, using mostly public funds, after the business of its founding family collapsed. Analysts estimate it has assets worth around 70 billion euros.
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