Portugal's BPI says no longer in race for Novo Banco

April 19, 2015 11:22 AM

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LISBON, April 19 (Reuters) - Portugal's Banco BPI is no longer in the race to buy Novo Banco after the country's central bank picked five out of seven potential bidders last week, BPI said.

Novo Banco is the successor to Banco Espirito Santo (BES) after a state rescue last year. The state hopes to sell Novo Banco by the summer to recover 4.9 billion euros injected into BES, which collapsed under the debts linked to its founding family.

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