Novo Banco sale awaits approval from Brussels and Frankfurt

novobancoshinylogo Approvals from the European Commission and the European Central Bank is needed before the ownership of Novo Banco can be transferred to Nani Holdings, a company set up by US vulture fund Lone Star fund.

The sale is almost complete, but for these two approvals which will depend on EU rules on state aid and a restructuring plan that Lone Star has presented to ensure Novo Banco’s long-term viability.

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