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London Finance Firm Seeks to Block Portugal Novo Banco Sale

A failed bidder for Portugal's third-largest lender Novo Banco has asked its lawyers to block the 1 billion euro (836.70 billion pounds) sale to U.S. fund Lone Star and told the central bank it should relaunch the bidding. London-based financial fir ...

Daily Headline - global.abi.org - 04/20/2017 - 21:40 - 0 comments

Portugal’s Novo Banco Trims Losses Despite Provisions of €1.3 Billion

Portugal’s Novo Banco, the “good” bank rescued from the collapse of Banco Espírito Santo, posted a net loss of €788.3m in 2016 after making provisions against impairments totalling €1.3bn, the lender said in a stock-market statement on Wednesday. The res ...

Daily Headline - global.abi.org - 04/12/2017 - 21:47 - 0 comments

Portuguese Bank Bond Defies Pimco and BlackRock Boycott

A Portuguese bank has borrowed on the international debt market for the first time in more than a year, defying a boycott from BlackRock and Pimco, which are locked in a legal fight with the country’s authorities over losses incurred in 2015, the Finan ...

Daily Headline - global.abi.org - 03/23/2017 - 22:42 - 0 comments

Caixa Geral de Depositos to Court Investors for AT1 Sale

Portugal's Caixa Geral de Depositos will meet investors from next Monday ahead of a planned Additional Tier 1 transaction, part of a package designed to nurse the state-rescued lender back to health, Reuters reported. Caixa Geral de Depositos confir ...

Daily Headline - global.abi.org - 03/16/2017 - 20:43 - 0 comments

Portugal Calls on EU to Note its Return to Fiscal Health

Portugal has urged the EU and credit-rating agencies to acknowledge the scale of its economic turnround as the country heads towards its lowest fiscal deficit in more than 40 years, the Financial Times reported. Mário Centeno, the country’s finance m ...

Daily Headline - global.abi.org - 03/13/2017 - 22:09 - 0 comments

Portugal Central Bank Picks Lone Star As Top Candidate To Buy Novo Banco

Portugal’s central bank has chosen US private equity firm Lone Star as the leading candidate to buy Novo Banco, the bank which was carved out of collapsed Banco Espirito Santo (BES), the central bank said in a statement, the Irish Times reported. The ...

Daily Headline - global.abi.org - 01/05/2017 - 22:12 - 0 comments

Costa Confounds Critics As Portuguese Economy Holds Course

When António Costa was sworn in as prime minister of Portugal in November 2015, opponents cast the Socialist leader as a reckless adventurer who had won power by means of a diabolical pact with communists and the radical left. “I hope not to be summoned ...

Daily Headline - global.abi.org - 01/02/2017 - 22:14 - 0 comments

Banco Espirito Santo Retail Customers To Get 60 Percent Of Money Back

Around 4,000 retail customers of Banco Espirito Santo who lost their savings when the banking group collapsed in 2014 should get around 60 percent of their money back under a plan presented on Monday by the Portuguese government, Reuters reported. The re ...

Daily Headline - global.abi.org - 12/19/2016 - 22:48 - 0 comments

DBRS Maintains Portugal’s Crucial Credit Rating

A Canadian rating agency has confirmed Portugal’s only investment-grade credit rating in a decision that ensures Lisbon will continue to benefit from the European Central Bank’s government bond-buying programme, the Financial Times reported. DBRS on ...

Daily Headline - global.abi.org - 10/23/2016 - 21:20 - 0 comments

Portugal Looks To Satisfy EU Rules With ‘Budget Of The Left’

Portugal’s “anti-austerity” government has unveiled a draft budget for 2017 that seeks to raise pensions, reduce income tax and increase support for the poor without running foul of EU deficit rules, the Financial Times reported. António Costa, the p ...

Daily Headline - global.abi.org - 10/16/2016 - 22:18 - 0 comments

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