So far, Banco Santander declined to comment on this issue and, from our point of view, it seems not reasonable to assume that any institution will be interested in BES under the current uncertainty regarding ES Group, including the situation in BES Angola.
Remember that yesterday it was reported that two large international PE funds, namely KKR and Appolo Global Management, have been analysing a potential investment in BES, including the possibility of assuming a control position. Apollo has been referred in the last months as one of the potential buyers of Tranquilidade, the insurance unit of BES group. On the other hand, the press also reports that, given the current uncertainty, those funds should only be willing to assume that risk after a detailed analysis of BES accounts (likely by an external auditor).
This newsflow is consistent with Bank of Portugal Governor statement on 15 July (Tv interview) stating that some (current and new) shareholders should be able and willing to participate in a potential (but unlikely) capital increase of BES. In this context, it is likely that this kind of news will continue to appear in the press in the coming days.
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