Regions

Six firms place bids for Spain's rescued NCG Banco

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December 16
8:47 PM 2013

Spain's Fondo de Reestructuración Ordenada Bancaria (FROB) on Monday said it had received six binding offers for an 88.33% stake in state-recused lender NCG Banco. FROB is the country's bank restructuring fund.

According to Reuters, bidders for NCG were expected to ask the government for extra state aid to ease the sale and shield them against more losses at the bank. FROB did not disclose who had bid for NCG.

However, Spain's government had been resisting. Spain argued that it has already substantially turned around the country's financial sector since a €41.3 billion ($56.8 billion) European bail-out last year, the report said. 

Sources told Reuters that top Spanish banks Santander and Caixabank have lodged bids for NCG. Venezuelan lender Banesco and US financial services firm Guggenheim Partners have also placed their bids for the rescued bank.

Spanish bank BBVA was also reportedly working on an offer and was expected to feature as a bidder for the bailed-out bank. International private equity firms such as JC Flowers and WL Ross have also circled NCG in the past, the report said.  

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