Portuguese Finance Minister Highlights Novo Banco Sale to BPCE โas Boostโ to Financial Stability
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Lisbon, Portugal – October 26, โค2023 – The sale of Novo Banco โto French banking group BPCE โwill strengthen Portugal’s financial market โคby preventing excessive concentration and fostering competition, according to Finance Minister Joaquim Miranda Sarmento.
Key Details of the Sale
minister Sarmento made the statement during the signing ceremony โof theโข accession agreements โฃfor the โฃPortuguese State and the Resolution Fund to the Novo Banco sales contract, held in Lisbon. The agreement, finalized in June 2023,โ values Novo Banco at โฌ6.4 billion.
“This operation reinforces the diversification of the national banking system, avoiding excessive concentrations and ensuring the balance and competitiveness โฃof the Portuguese financial market,”โ Sarmentoโ stated,โฃ as reported by official sources.
A Decade-Long โขResolution
The โsale marksโข the culmination of a process โthat โbegan over ten years agoโ with the โขresolution of Banco espรญrito โSanto.Sarmento emphasized the symbolicโฃ importance ofโ the signing location – the Main Hall of โthe Ministry of Financeโข – describing it as “a space where โฃthe History of our country has been written for centuries, and which โขis, in itself, a symbol of โคreconstruction and national resilience.”
Benefits for Citizens and companies
The Minister further asserted that the transaction will provideโฃ “an added valueโฃ in supporting and financing Portuguese citizens and โฃcompanies.”โข He also โขnoted that the Portuguese State “manages toโ ensure a significant recovery of public funds used in the restructuringโค of novobanco.”
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