Portugal to privatise BPN bank after takeover

LISBON Nov 19 (Reuters) - Portugal's government has decided to privatize Banco Portugues de Negocios, which was nationalised about a year ago, the government said on Thursday.

In a statement after the weekly government cabinet meeting, it said that it will hold a tender to sell 95 percent of the shares in the bank. BPN's board will establish a minimum price based on two independent evaluations.

The government nationalised small private bank BPN in November 2008 after an investigation following problems at the bank which had preceded the global financial crisis. (Reporting by Sergio Goncalves; writing by Axel Bugge)