Portuguese bank Novo Banco may have the State as 2nd major shareholder
- Portugal Business News - Valerie Charoux
- Feb 20, 2023
- 1 min read
Portuguese bank Novo Banco may have the State as 2nd major shareholder. Tax credits valued at EUR 260 million may be converted to reach 12.8% and will position the State as the 2nd main shareholder.
It is to be noted that Novo Banco was rescued by the State in 2014 when it was then the Banco Espírito Santo (BES). According to Eco, with the stake to be acquired by the Portuguese Treasury, Lone Star will remain the bank’s major shareholder with 75% of shares that were bought for EUR 1 billion in 2017.
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