Novo Banco sold to US vulture fund Lone Star

novobancoshinylogo Banco Espírito Santo went bust in August 2014, some 1,172 days ago, but instead of letting the business collapse, the Bank of Portugal’s answer was to create a ‘bridge bank’ which it called Novo Banco, loading it with the ‘good’ assets of BES and issuing a mandate that the squeaky clean new business must be sold within three years

“The sale of the New Bank to Lone Star with a capital injection of €750 million is completed and, by the end of this year, a new entry of €250 million, which means the entry of €1 billion,” announced the governor of the Bank of Portugal, Carlos Costa.

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