NEW YORK and LISBON, Portugal, April 1, 2017 /PRNewswire/ -- Lone Star today issued the following statement on the agreement signed yesterday by the Portuguese Resolution Fund and Lone Star with the approval of Bank of Portugal for Lone Star to acquire a controlling stake in Novo Banco, subject to closing conditions, including various regulatory approvals.
"We are pleased to reach this agreement with the Bank of Portugal, and we look forward to working with Portuguese authorities, the European Central Bank, and the European Commission to ensure the agreement meets all closing conditions in the coming months," said Olivier Brahin, president of Lone Star for Europe.
"We believe in the future of Portugal's economy. We recognize the strength of Novo Banco's unique franchise in working with small and medium-sized companies, an important engine of growth in Portugal. This agreement marks a significant step toward providing Novo Banco with the capital, resources, and expertise necessary to ensure that the bank remains a strong, domestically focused pillar of the Portuguese banking system."
BACKGROUND ON LONE STAR FUNDS
- Lone Star was founded in 1995, and invests on the behalf of its fund limited partners, who include pension funds for public sector and corporate employees and retirees, as well as foundations and endowments that support medical research, higher education and other philanthropic causes.
- Lone Star is deeply familiar with owning and managing banks, having acquired six financial institutions worldwide. These acquisitions included European financial institutions with need of restructuring, such as AHBR (later renamed Corealcredit) and IKB. Both banks were entrusted to Lone Star by the German Government and the German Deposit Protection Fund to be restructured and returned to sustainable profitability.
- Since the establishment of the first fund in 1995, Lone Star has organized 17 funds with aggregate capital commitments totaling over USD $70 billion. Lone Star has vast transactional experience, having closed approximately 470 investments in over 1,400 transactions at an aggregate purchase price of more than USD $180 billion (including acquisition financing and co-investors).
- Lone Star keeps its promises. Lone Star embraces the evolving nature of regulation and takes a responsible, forward-looking approach to applying industry or market best practice. We are committed to treating people with dignity and respect.
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SOURCE Lone Star Funds