January 4, 2017 / 11:41 AM / 9 months ago

Sale of Portugal's Novo Banco not ready for completion -report

LISBON, Jan 4 (Reuters) - Portugal is not ready now to complete the sale of Novo Banco, the bank carved out of Banco Espirito Santo (BES), and the state will provide no guarantees for the buyer, Finance Minister Mario Centeno was quoted as saying on Wednesday.

“The negotiating process (for the sale) is now reaching an important moment, but this is not the end,” Centeno told daily Diario de Noticias in an interview published on Wednesday.

He said the central bank would update the government on the state of negotiations with the bidders, adding: “This is not necessarily the end of this process, in the sense that there may have to be adjustments due to the proposals that appeared.” (Reporting by Axel Bugge; Editing by Catherine Evans)

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