Haitong International €379 million acquisiton of BESI

Overview:

• Novo Banco, the good bank carved out of Banco Espirito Santo (BES), sold 100% of the share capital of its investment banking arm, BESI, to China's Haitong International Holdings for €379 million. 
• The acquisition gives the Chinese bank a platform to build on its expansion plans. 
• The acquisition required the approval of regulatory boards in the UK, US and Brazil as well as in Portugal.
• Novo Banco is itself listed for sale after the collapse of BES. 

John Crabb - Journalist