Fosun, Anbang and Apollo to buy Novo Banco Asia’s parent company

Chinese groups Fosun International and Anbang plus American investment fund Apollo Global Management are the remaining contenders to buy Portuguese bank Novo Banco, which is the parent company of the Macau headquartered bank Novo Banco Asia. Novo Banco is the successor to Banco Espírito Santo, and was created after the Portuguese Government rescued the troubled Portuguese bank. According to local press, Spain’s Santander and the American Cerberus Capital Management were the excluded candidates from the previous phase of acquisition process.