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Sale of Novo Banco to Anbang Insurance collapses

China's Anbang Insurance has failed in its bid to buy Novo Banco from the Bank of Portugal.04 Sep 2015

"As no agreement has been reached, the Bank of Portugal decided today to end those negotiations (with Anbang) and invite the second-placed potential buyer into negotiations," the central bank said in an emailed statement to Bloomberg.

A source close to the process told Reuters that China's Fosun International had received an invitation to start talks on buying Novo Banco. 

Anbang Insurance and Fosun International were both expected to bid for the bank, keen to make what would be the biggest acquisition of a European financial services organisation by a China-based buyer.

Novo Banco was established in 2014 by the Bank of Portugal to rescue assets and liabilities of Banco Espírito Santo, of which it is a subsidiary.

Beijing-based Anbang bought Dutch insurance company Vivat for €150 million in February, Bloomberg reported.

Fosun entered the Portuguese market last year with the purchase of insurer Fidelidade Insurance, while Apollo bought insurer Tranquilidade, another part of Espirito Santo, Reuters reported

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