The u.s. fund Lone Star said, this Thursday, will “continue working tirelessly” with the Portuguese authorities to ensure a final agreement for the purchase of the New Bank, showing themselves open to provide the resources and necessary capital.
“We will continue to work tirelessly with the Bank of Portugal, the Resolution Fund and the Portuguese Government to ensure a final agreement to support the restructuring of the New Bank, to a benefit of long-term customers, employees, creditors, and of the Portuguese economy in general,” says the president of Lone Star for Europe, Oliver Brahin, in a press release published this Thursday.
On Wednesday, the Bank of Portugal announced that the Lone Star is the entity best placed to buy the New Bank, by inviting them to a “deepening of the negotiations”.
This Thursday, the Ministry of Finance has expressed the hope that the process to be completed expeditiously.
“We are very optimistic about Portugal and about the future of the economy of the country and will seek to provide the capital, resources and expertise needed to ensure that the New Bank continues to be a pillar strong of the Portuguese banking system, with special focus on the domestic market,” says Oliver Brahin.
The Lone Star recognizes the “huge potential” of the New Bank, stating as well that will invest in the bank, in the business and in the people.
“we Understand the importance of giving the necessary steps, in partnership with all “stakeholders” of the New Bank, to help restore the financial health of the institution, with a long term perspective,” stresses Oliver Brahin.
According to the Business Journal, the proposal from the Lone Star consists of an offer of 750 million by the New Bank, and admits to an injection of over 750 million.
The Lone Star is a fund of “private equity”, that invests capital in companies in which it considers that there is space for enhancement, and in Portugal has applications in Vilamoura, to bet on the golf course and at the marina, and several shopping centers of the brand Dolce Vita, some of which disposed, however, to Deutsche Bank.
The New Bank was created at the beginning of August 2014, following the resolution of Banco Espírito Santo (BES), and is a bridge bank owned in full by the Resolution Fund banking.
After the collapse of BES, the New Bank was capitalized with 4900 million euros through the Fund Banking Resolution. The Portuguese State entered with 3900 million euros in the Fund and the banks with the remaining thousand million.
In December 2015, have been extended to the state guarantees to the New Bank and the deadline for the sale has been extended, by agreement with the European Commission, by August 2017. Among the competitors are the funds, chinese China Minsheng and north-american Lone Star and Apollo.
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