BPI takeover?

BPI, one of the two Portuguese banks that passed recent ECB stress tests, could be interested in Novo Banco – the ‘good bank’ snatched from the ashes of BES last summer. Confirming the news this week, BPI executive president Fernando Ulrich says the bank is waiting for the results of an audit, to ensure there are no “eventual problems” hidden in Novo Banco’s woodwork. Meantime, BPI is still shedding staff, with another 78 redundancies agreed this year.