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Portugal to flesh out terms of Novo Banco sale with Lone Star
February 20, 2017 / 12:01 PM / 7 months ago

Portugal to flesh out terms of Novo Banco sale with Lone Star

LISBON, Feb 20 (Reuters) - The Bank of Portugal will hold a final round of exclusive negotiations with U.S. private equity firm Lone Star as it seeks to flesh out the terms of the potential sale of state-rescued lender Novo Banco, the central bank said on Monday.

“The Bank of Portugal has decided to select potential investor Lone Star for a concluding round of exclusive negotiations, with a view to finalising the possible terms of the sale,” it said in a short statement, without providing more details.

The central bank last month picked Lone Star ahead of other prospective buyers including China’s Minsheng Financial Holding and U.S. fund Apollo. It said then that Lone Star had set conditions that could have an impact on public accounts, which the state sought to minimise via further talks.

Portugal faces an August 2017 deadline to sell the bank. (Reporting by Andrei Khalip, editing by Louise Heavens)

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