Spain's Santander said it had presented a non-binding offer for Portugal's Novo Banco, the successor to rescued Banco Espirito Santo (BES), in the second phase of a sale process that has attracted 14 other potential bidders. Last August, the government rescued what was once Portugal's biggest lender by market value with a 4.9 billion euro ($5.3 billion) bailout, using mostly public funds, after the business of its founding family collapsed. Analysts estimate it has assets worth around 70 billion euros.
The Portuguese state is hoping to recover the rescue funds from the sale, expected to be finalised by mid-year.
Portugal's central bank said last month that 15 banks had pre-qualified for the sale, although the list was not made public. A spokesman for Santander, the eurozone's biggest bank, on Saturday did not give any further details on the non-binding offer.
Among other possible bidders, Spain's Banco Popular , was not available to comment, while a spokesman for BBVA, Spain's second largest bank that banking sources have said was likely to have at least studied the initial phase of the sale, declined to comment.
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