Apollo Fund: “The time has come to invest in Portugal”
Gustavo Guimarães, partner of the American fund Apollo, mentions the lack of political stability and the excessive tax burden as enemies when it comes to investing in Portugal.
The time has come for Apollo to invest in Portugal: this is a statement made by Gustavo de Guimarães, operating partner of the North American fund racing towards investing in Novo Banco.
"I would not say the assets are cheap or expensive, but they are valued at what I consider to be an entry cost.”
Guimarães confirmed Apollo’s interess in purchasing Novo Banco. “Yes, of course”, he answered, emphasizing “the sale agreement has many stages and we have not yet reached the final stage”. Apollo, current owner of the Portuguese insurance company Tranquilidade, competes with Centerbridge for the good bank resultant from the resolution of the Portuguese bank BES.
Gonçalo Guimarães criticized the tax burden, excessive bureaucracy, lack of stability in policies and labor market rigidities, adding these are obstacles to investment in the country.
