Franklin advises Novo Banco on selling BESV to My Money Bank
Novo Banco, Portugal’s third largest bank, has announced the sale of its 87.5% stake in its French subsidiary Banque Espirito Santo et de la Vénétie (BESV) to My Money Bank, a subsidiary of US private investment firm Cerberus.
Created in 2014 after the Portuguese government bailed out Espirito Santo, Novo Banco is now 75% controlled by US private investment firm Lone Star.
Led by M&A – corporate partner Magali Masson, Franklin’s team was composed of:
- associate Paul Ast, advising on M&A – corporate aspects,
- partner Julie Catala Marty and associate Rémi Beydon, on competition law aspects,
- partner David Blondel, and of counsel Cyrille Rumen, on banking aspects,
- of counsel Jean-Pierre Delvigne, on environmental aspects,
- partner Claire Fougea and of counsel Marion Brière Ségala, on employment law aspects,
- partner Christine Daric, on tax law aspects,
- Laëtitia de Pellegars (Pellegars Legal) on Regulatory aspects.