September 15, 2014 / 10:49 AM / 5 years ago

EU regulators expect Novo Banco sale to proceed as agreed

A man walks past Portuguese Novo Banco (New Bank) posters at its head office in Lisbon September 15, 2014. REUTERS/Rafael Marchante

BRUSSELS (Reuters) - European Union state aid regulators expect Portugal to sell Novo Banco, the successor to troubled Banco Espirito Santo (BES) BES.LS, in line with a pledge made in return for regulatory approval of its 4.9-billion-euro state bailout.

“There is a decision which was taken by the (European) Commission in August concerning the resolution of BES, so we are confident the new team will implement the commitments included in that decision,” Commission spokesman Antoine Colombani told a daily news briefing.

Earlier on Monday, Portuguese Premier Pedro Passos Coelho said the sale could not be rushed and that the divestment should be on the best possible terms.

Reporting by Foo Yun Chee; editing by Adrian Croft

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