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Green light for Novo Banco Asia

The Monetary Authority of Macau has approved the purchase of Novo Banco Asia S.A. by Hong Kong company Well Link Group Holdings Limited

The Monetary Authority of Macau (AMCM) has approved the purchase of Novo Banco Asia S.A. (Novo Banco Asia) by Hong Kong incorporated brokerage firm Well Link Group Holdings Limited, local broadcaster TDM reported.
In early August of last year, Novo Banco Asia agreed to the sale of its Macau unit to the Hong Kong company, however the transaction was not completed due to a refusal by AMCM, Business Daily reported previously.
In January of this year, TDM reported the Ma family made a 175 million euro (MOP1.5 billion/US$183.9 million) joint bid with Well Link for the unit, proposing that the Hong Kong company would acquire 51 per cent of Novo Banco Asia, while the Ma family was to acquire 24 per cent.
However, Portuguese newspaper Jornal de Negócios reported on Friday that the Hong Kong group will hold a 90 per cent share of Novo Banco Asia, with the Portuguese bank keeping a 10 per cent share of the unit.
According to Jornal de Negócios, Novo Banco S.A. has been selling some of its international subsidiaries and holdings as part of a strategy to focus more on the Portuguese and Spanish markets.
Novo Banco Asia, finished the 2016 fiscal year with MOP1.03 million (US$128,465) in profits after registering revenues of almost MOP45.9 million, according to company data released in the Official Gazette.
Novo Banco Asia succeeded Bank Espírito Santo do Oriente after Portuguese Bank Espírito Santo (BES), its parent company in Portugal, collapsed in 2014.
At the end of March, the Portuguese central bank – Bank of Portugal (BoP) – announced that a 75 per cent share of Novo Banco S.A. would be sold to American private equity firm Lone Star Funds for a total of 1 billion euros.