Apollo Global may bid for Portugal's Novo Banco

By Reuters

Dec 30, 2014 12:28 AM EST

Private equity firm Apollo Global Management LLC (APO.N) is considering making a bid for Portuguese lender Novo Banco SA, the bank carved out of Banco Espirito Santo SA (BES) (BES.LS), Bloomberg reported, citing people familiar with the matter.

Apollo, which agreed to buy insurer Tranquilidade from Novo Banco in September for an undisclosed amount, plans to submit an indication of interest for the whole bank, Bloomberg said. (bloom.bg/1CPUYew)

Banco BPI SA (BBPI.LS), Portugal's second-largest listed bank, Spain's Banco Santander SA (SAN.MC) and China's Fosun International Ltd (0656.HK) are the other interested parties.

The Bank of Portugal has requested potential buyers of Novo Banco to express their interest by Dec. 31 and to make binding offers by the middle of the second quarter of 2015.

BES had collapsed under the debt of its founding Espirito Santo family. Novo Banco was capitalized with 4.9 billion euros ($5.96 billion) via Portugal's bank resolution fund in August. The state injected 3.9 billion euros ($4.74 billion), the rest being provided by other banks.

Apollo declined to comment.

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