Novo Banco: Finance ministry says the sale to Lone Star “will be concluded in the next couple of days”

  • ECO News
  • 11 October 2017

After Brussels' approval of the sale of Novo Banco to Lone Star, the Finance Ministry now stated that the sale should occur "in the next couple of days".

Mário Centeno stated the sale of Novo Banco to the North American fund Lone Star “will be concluded in the next couple of days” after the European authorities’ green light, which was the final authorization needed in order for the process to be concluded.

“Today, the European Commission approved the sale of Novo Banco, completing BES resolution from 2014. With this decision, the process of selling Novo Banco to Lone Star by means of the Resolution Fund will be concluded in the next couple of days“, stated a press release sent by the Finance Ministry to newsrooms.

"Today, the European Commission approved the sale of Novo Banco, completing BES resolution from 2014. With this decision, the process of selling Novo Banco to Lone Star by means of the Resolution Fund will be concluded in the next couple of days.”

Finance Ministry

The press release further stated that “the Government emphasizes that the European Commission’s decision closes a very important milestone for the stability of the financial system and for the stability of the Portuguese economy”, referring to Brussels’ decision to approve the state aid in the sale of Novo Banco.

The Finance Ministry further states: “The one billion euros’ injection from Lone Star, along with its restructuring plan and measures approved by the Commission, which comply with the European Union rulings regarding state aid issues, will assure the long-term viability of Novo Banco”.

PUB