US's Minsheng Financial is offering to buy a majority stake in Portugal's Novo Banco followed by an initial public offering for the remainder. China funds Apollo and Centerbridge, and private equity firm Lone Star, are also said to be bidding for all of the bank. Portugal hopes to rule on the sale of Novo Banco, which was set up after the 2014 rescue of Banco Espirito Santo, by the end of the year, ahead of an August 2017 deadline.
China's Minsheng Financial is offering to buy a majority stake in Portugal's Novo Banco followed by an initial public offering for the remainder. US funds Apollo and Centerbridge, and private equity firm Lone Star, are also said to be bidding for all of the bank. Portugal hopes to rule on the sale of Novo Banco, which was set up after the 2014 rescue of Banco Espirito Santo, by the end of the year, ahead of an August 2017 deadline.