Portugal’s Novo Banco has completed the sale of its investment banking unit, Banco Espirito Santo de Investimento (BESI), to China’s Haitong Securities.

The investment banking arm has been rebranded as Haitong Bank upon the completion of the acquisition.

The two parties had earlier agreed to the deal valued at EUR379m in December.

Novo Banco was created in August 2014 to rescue the assets and liabilities of the failed lender Banco Espirito Santo.

Portugal is currently in the process of offloading Novo Banco, and is set to begin negotiations with a bidder after failing in talks to sell the bank to Anbang Insurance Group.

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