The chinese Minsheng, according to Business Journal has the proposal more bold by the New Bank, did not even proof of funds required for the purchase, reported on the night of Tuesday in the journal Eco. The Bank of Portugal, which is managing the sale of the institution, required collateral reinforced to the chinese group, but the situation may lead to not meet the indicative timeframe for the completion of the process, that is, the end of 2016.
The fund Minsheng has already signed the memorandum of understanding for the decision of a majority position in the New Bank, like all the other competitors — the funds Lone Star and Apollo/Centerbridge – but lack to present to the legal declaration that you have the financial means to do in the face of the operation.
the objective of The Bank of Portugal is to close the process by the end of this week or, at the latest, in the next, with a presentation by Carlos Costa and Sérgio Monteiro a proposal to the government. The chinese background is with difficulties in mobilising the necessary resources to be able to give guarantees that it has the financial capacity to fulfill the offer you are making, according to the Echo, which can cause buckling the indicative timeframe to close the sale. A relevant factor here is that the chinese government is tightening the rules for the output of capital.
If the sale is not finalised by the end of the year, in formal terms nothing changes, still that can be considered a development dececionante for this process, which has already been delayed once, in August 2015. The government has until August 2017 to sell the institution, because it is up to this moment that you are authorized the loan the state to the Resolution Fund.
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