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Novo Banco explores WiZink consumer tie-up in Portugal –sources

Portuguese lender Novo Banco is exploring a potential tie-up in Portugal with Madrid-based consumer finance provider WiZink, two sources familiar with the matter told Reuters. This could result in a joint venture where Novo Banco funds WiZink-originated loans, with WiZink owner Varde Partners retaining some control of the new entity, one of sources said. Novo Banco, which was born out of Portugal's failed Banco Espirito Santo and is majority-owned by private equity group Lone Star, is competing in the final stages of a sale process for WiZink's Portuguese operations, the other source said.