The Bank of Portugal, the Resolution Fund and Lone Star have signed the agreement handing in 75% of Novo Banco to the North American Fund Lone Star.
Three years after the resolution of Banco Espírito Santo (BES), it is now official: Novo Banco has been sold. The bank headed by António Ramalho is now in the hands of the North American fund Lone Star after signing this Wednesday the agreement between the Bank of Portugal, Resolution Fund and Lone Star.
The governor of the Bank of Portugal, Carlos Costa, Sérgio Monteiro, in charge of the operation, and António Ramalho were present when the agreement formalizing the sale of the bank was signed. From Lone Star, Donald Quintin, Lone Star’s senior managing director, was present.
“We are glad to see this process come to an end. After two years of working with the Portuguese authorities, the European Central Bank and the European Commission, we were able to assure the conditions needed to conclude the acquisition of a 75% equity in Novo Banco”, Donald Quintin stated.
On the conclusion of the sale, the governor of the Bank of Portugal assures this is “a decisive step towards the stabilization of the Portuguese financial sector”. Carlos Costa also stated that this sale contributes “to a better internal and external perception of Portugal’s banking”, which will have a positive effect on the Portuguese economy: “The banking sector is now better prepared for the development of the Portuguese economy”.