Hong Kong’s Well Link Group Holdings has agreed to acquire Novo Banco Asia for an undisclosed sum.

The sale of Novo Banco Asia, which is the Macau arm of Portuguese lender Novo Banco, is subject to regulatory approval from authorities including Banco de Portugal and Autoridade Monetária de Macau.

“This transaction is an important step forward in Novo Banco’s divestment strategy of non core assets whilst focusing in its core domestic banking activity,” Novo Banco said in a statement.

The closure of the deal will lead to a significant positive impact on the common equity tier 1 ratio of Novo Banco, the Portuguese lender said.

Novo Banco was created in August 2014 by the Bank of Portugal to rescue assets and liabilities of failed lender Banco Espírito Santo.