UPDATE 1-Bank of Portugal turns to second bidder for Novo Banco

September 1, 2015 11:47 AM

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LISBON, Sept 1 (Reuters) - The Bank of Portugal is to start negotiations with U.S. fund Apollo Global Management on the sale of state-rescued Novo Banco after exclusive talks with China's Anbang Insurance Group Co were unsuccessful, two sources familiar with the talks said.

The Bank of Portugal said in a statement: "As no agreement has been reached, the Bank of Portugal decided today to end those negotiations and invite the second-placed potential buyer into negotiations."

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