BPI chief sees efficiency gains from possible Novo Banco acquisition
Oct 27 (Reuters) - Portugal's Banco BPI sees the potential for "a large increase in efficiency" from the possible acquisition of Novo Banco, which was carved out of Banco Espirito Santo after a state rescue in August, BPI chief executive said on Monday.
Fernando Ulrich reiterated in a news briefing that his bank - Portugal's second-largest listed lender - is considering the opportunity of buying Novo Banco and is eagerly awaiting the release of its starting balance sheet and auditing results.
BPI easily passed Sunday's Europe-wide banking stress tests, but Ulrich said the bank's significant capital cushion does not directly influence its capacity to acquire Novo Banco. The government wants to sell Novo Banco in the coming months.