After a year and a half of complex negotiations, Bancamiga Universal Bank acquired all of the operations and assets of Novo Banco in Venezuela for USD 3.5 million, together with the corresponding settlements of the legal claims that the acquired entity was facing as a result of the bankruptcy of the Banco Espírito Santo in Portugalwhich totaled USD 25 million.
Novo Banco, formerly Banco Espírito Santo, and its Venezuelan subsidiary were represented by their team of in-house lawyers and Tinoco, Travieso, Planchart & Núñez, a firm that also had the responsibility of advising the institution on the procedural part.
For its part, Bancamiga BU received support from its internal consultancy and from Bermúdez Nevett Mezquita ONTIER SC, both in the negotiation of the purchase and sale agreement and in the procedural area.
The transaction includes the transfer to the purchasing bank of all the properties, assets and liabilities, credit cards, points of sale and other assets of a financial nature that were owned by Novo Banco, CA, Branch Venezuela.
They are silent It is an institution that was born in 2007 as a development bank, but as of 2010 it became a microfinance bank in compliance with a provision of the Law of Institutions of the Banking Sector in Venezuela. The entity has strengthened its microcredit portfolio basically aimed at the sectors: commerce, transport and services in general.
According to the Banking Ranking of the firm Aristimuño, Herrera & Asociados -based on the information reported to the Superintendence of Institutions of the Banking Sector (Sudeban)- as of January 2018, They are silent registers an asset of VEN 381,451 million, equivalent to USD 9.5 million at the official Dicom exchange rate, and reported an annualized expansion of 1,254%.
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