China’s Minsheng is out of the race to buy Novo Banco, according to Jornal de Negócios today, as it has not been able to show that it has sufficient funds to make the purchase.
Minsheng was selected by the Bank of Portugal before Christmas but the Bank of Portugal has blundered in its initial choice and now will have to choose between Lone Star and the Apollo-Centerbridge consortium which the Portuguese group Violas wants to join - at the 11th hour.