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Dagong Europe Credit Rating has announced it will withdraw its long term and short term loan credit ratings for Novo Banco Asia S.A. due to insufficient information being available on the Hong Kong group that recently purchased a majority stake in the banking unit, a release from the credit agency announces.
According to the release, Dagong Europe considered that the information available on Hong Kong company Well Link Group Holdings Limited was ‘insufficient for the purpose of monitoring the ratings’ of the bank, and therefore the rating company withdrew the ‘CCC+’ rating it had awarded Novo Banco Asia’s long term and short term credit.
Previously a fully owned subsidiary of Portuguese bank Novo Banco S.A., the local unit was changed into a non-core asset and put up for sale as part for the bank’s divestment strategy and of placing more focus on the Portuguese and Spanish markets.
In early August of last year, Novo Banco Asia agreed on the sale of its Macau unit to the Hong Kong company, a transaction that was not enacted because of a refusal by the AMCM (Monetary Authority of Macau), Business Daily reported previously.
In January, TDM reported that the Ma family made a 175 million euros (MOP1.5 billion/US$183.9 million) joint bid with Well Link for the unit, proposing that the Hong Kong company acquire 51 per cent of Novo Banco Asia whilst the Ma family was to acquire 24 per cent.
However, the involvement of the Ma family in the purchase was not confirmed after the reports, neither by members of the family or the bank management.
Last month, AMCM approved the purchase at a value of 145.8 million euros, with Well Link receiving a 75 per cent share of the unit, with an option of acquiring the remaining 25 per cent in the next five years.
Well Link is a company incorporated in Hong Kong that provides services such as securities and futures brokerage, asset management and insurance broking.