Portuguese bank seeks legal ruling on resolution fund payouts
BCP concerned by contingent obligations in Novo Banco sale; Portuguese government and financial sector have financed the resolution fund since its creation in 2012
Banco Comercial Português (BCP) has requested a legal assessment regarding the role that Portugal’s banking resolution fund will play in the sale of the nationalised Novo Banco to US fund Loan Star.
BCP announced in a statement to Portugal’s securities market commission on September 1 that it has reservations in relation to “the contingent capitalisation obligation by the resolution fund”, which is included in the sale agreement.
In March, the Bank of Portugal said Lone Star would acquire 75%
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