Bank of Portugal picks five Novo Banco bidders, sets end-June deadline

April 17, 2015 7:22 PM

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LISBON, April 17 (Reuters) - The Bank of Portugal has picked five out of seven financial institutions that had made non-binding bids for Novo Banco, the successor to Banco Espirito Santo after a state rescue last year, and will accept binding offers until the end of June.

It said in a statement on Friday that in this third phase of the sale the chosen five would get access to more detailed information about Novo Banco and would be able to do "due diligence" checks on its worth. It did not name the institutions.

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