Lone Star to Buy Controlling Stake in Portugal’s Novo Banco
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A Novo Banco branch in Lisbon. Lone Star Funds, an American private equity firm, will invest $1.1 billion in the bank that was created after the rescue of Banco Espírito Santo.CreditPatricia De Melo Moreira/Agence France-Presse — Getty Images
LONDON — The Bank of Portugal, that nation’s central bank, said on Friday that it would sell a controlling stake in a bank salvaged from the collapse of one of the country’s largest private lenders, to Lone Star Funds, an American private equity firm.
The sale of the salvaged entity, Novo Banco, came two-and-a-half years after the country was forced to rescue of Banco Espírito Santo in a state-led bailout of 4.9 billion euros, or $5.3 billion at current exchange rates.
As part of the rescue in August 2014, Banco Espírito Santo was broken up and its healthy assets were transferred to a new entity, Novo Banco…
Lone Star to Buy Controlling Stake in Portugal’s Novo Banco
