Lone Star Funds today issued the following statement from Oliver Brahin, president of Lone Star for Europe, on Lone Star’s selection by the Bank of Portugal as the preferred bidder for the acquisition of Novo Banco, S.A.:“We will continue to work tirelessly with the Bank of Portugal, the Resolution Fund, and the Portuguese Government to confirm a final agreement to support Novo Banco for the long-term benefit of its customers, employees, creditors, and the overall Portuguese economy.
“We are deeply optimistic about Portugal and the future of the country’s economy, and we seek to provide the capital, resources, and expertise necessary to ensure that Novo Banco remains a strong, domestically focused pillar of the Portuguese banking system.
“We recognize Novo Banco’s untapped potential, and we seek to invest in Novo Banco – in its business and its people – and to apply our experience in strengthening banks across Europe to position Novo Banco for a successful future.
“We understand the importance of taking the right steps, in partnership with all of Novo Banco’s stakeholders, to help restore the bank’s long term health. We know Portugal and Iberia well, having invested in companies, assets, and loan portfolios valued at more than EUR 7 billion in the region, and recently opened an office in Lisbon.”