Six firms lodge bids for Spain's rescued NCG Banco - FROB

MADRID Mon Dec 16, 2013 1:49pm EST

Related Topics

MADRID Dec 16 (Reuters) - Spain's bank restructuring fund FROB said on Monday it had received six binding offers for 88.33 percent of NCG Banco, a state-rescued lender from the northern region of Galicia.

FROB owns the majority of the bank and the rest of the NCG's capital is in the hands of minority shareholders, including some former investors in preference shares who turned in their securities for shares during its bailout.

The FROB said it would study the offers in the coming hours. If the highest bid does not surpass the second best offer by 200 million euros, and by 50 percent, the FROB said it would launch a second bidding phase. (Reporting by Sarah White; Editing by Julien Toyer)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.