By David Roman
MADRID--Banco Santander SA (SAN.MC), Spain's largest bank by
market value, has presented a non-binding offer for Novo Banco SA,
Portugal's third-largest lender, Spain's state-owned news agency
EFE reported Friday, citing Santander sources.
Santander already controls Santander-Totta, Portugal's
fifth-largest bank. Novo Banco SA holds many of the assets salvaged
from last year's collapse of Banco Espirito Santo SA (BES.LB).
Spokespeople for Santander weren't immediately available for
comment.
Santander's move for Novo Banco would be the latest in a series
by Spanish banks in Portugal. Caixabank SA (CABK.MC), another
Spanish lender, is currently attempting to take over the 55.9% of
Portuguese bank BPI that it doesn't already own, in a complex deal
that faces some opposition from BPI's shareholders.
Write to David Roman at David.Roman@wsj.com.
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