Banco Comercial Does Not Need to Acquire Novo Banco, CEO Says

Banco Comercial Portugues SA said it doesn’t need to acquire Novo Banco SA, a smaller lender that’s planning to carry out an initial public offering.

“BCP’s growth is via organic growth,” Chief Executive Officer Miguel Maya said at a press conference near Lisbon on Wednesday. “We’re not in any race for Novo Banco. We don’t need any acquisition of Novo Banco. We have an obligation to analyze all operations that go to the market and may create value for our shareholders.”

Novo Banco, Portugal’s fourth-biggest lender, said earlier in February that it will work on carrying out an IPO ...