“This operation reinforces the diversification of the national banking system, prevents excessive concentrations, and ensures the balance and competitiveness of the Portuguese financial market,” stated Joaquim Miranda Sarmento during the signing ceremony of the Portuguese State and the Resolution Fund’s accession agreements to the sale contract of Novo Banco, held in Lisbon.
The minister was the last to speak at what he called “a moment of special significance.”
Beyond “representing the culmination of a long process that began more than 10 years ago with the resolution of Banco Espírito Santo,” the chosen location, the Salão Nobre of the Ministry of Finance, is “a place where the history of our country is written, for centuries, and which is, in itself, a symbol of reconstruction and national resilience.”
For Miranda Sarmento, this operation “will be an asset in supporting and financing Portuguese citizens and companies.”
The Portuguese state “manages to ensure a significant recovery of public funds used in the restructuring of Novo Banco.”
In June this year, the sale to the French banking group BPCE was agreed upon for 6.4 billion euros.
