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Portugal minister sees "good deal" with Lone Star for Novo Banco
March 24, 2017 / 2:35 PM / 8 months ago

Portugal minister sees "good deal" with Lone Star for Novo Banco

LISBON (Reuters) - Portugal’s negotiations to sell rescued lender Novo Banco to U.S. private equity firm Lone Star are progressing well and the government considers they will result in “a good deal”, Finance Minister Mario Centeno said on Friday.

Portuguese Finance Minister Mario Centeno speaks during a news conference in Lisbon, Portugal March 24, 2017. REUTERS/Rafael Marchante

“The talks around the sale of Novo Banco are running at a good pace. We consider that there are conditions to have a good deal,” he told reporters, declining to provide more details.

The final stages of negotiating the sale involve not only Portuguese, but also European authorities. U.S. fund Lone Star has offered to inject up to 1 billion euros into the bank in return for a 75 percent stake, but with little or no money to be paid to the state, according to Reuters sources.

Reporting By Sergio Goncalves, writing by Andrei Khalip

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