Novobanco, born from the ashes of Banco Espírito Santo and majority owned by private equity group Lone Star, is competing in the final stages of the sale of WiZink’s Portuguese operations, Reuters adds.
Novobanco is exploring the possibility of establishing a partnership with WiZink in Portugal, according to Reuters.
When contacted, the bank headed by Mark Burke did not comment. The official source of WiZink also did not comment.
Recall that in September, Wizink was reportedly considering selling the company in Portugal. At the time, Reuters also reported that the Madrid-based consumer finance company was considering different strategic options for its activity in Portugal, with the possibility of forming a joint venture or commercial agreement to sell the consumer credit portfolio.
The solution appears to involve a partnership with Novobanko. According to Jornal Economico, capital partnerships are being studied.
Novobanco may create a joint project to finance loans originated by WiZink, while Varde Partners, WiZink’s owner, retains some control over the new entity, Reuters reported.
Novobanco, born from the ashes of Banco Espirito Santo and majority owned by private equity group Lone Star, is competing in the final stages of the sale of WiZink’s Portuguese operations, the news agency added.
Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.
