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Portugal puts Banco Novo up for sale

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Portugal puts Banco Novo up for sale

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Portugal’s Novo Banco, the healthy part of the former number two bank in the country, is up for sale.

BES continues after the government’s rescue last month as a “bad bank” and its debts remain to be dealt with, but after pumping 4.9 billion euros into the rescue package, the government wants to get some back, and quickly; preferably before next summer.

Novo Banco has a new chief executive, picked by the Bank of Portugal on Sunday to take over after its three top managers officially resigned on Friday, causing the government some embarrassment after only two months in the job.