In September 2017, Lone Star took over the majority of the capital of a Novo Banco in serious trouble, with the state remaining a shareholder while the restructuring process was initiated, with the support of Brussels, and a negative annual result of 1395.4. million euros. Five years under António Ramalho – who only left the leadership last summer and was replaced in August by Mark Bourke – and having benefited on February 13 from the bulk of the €3.9 billion provisioned in contingent capital from the Resolution Fund, The European Commission has completed the process. With success, as evidenced by the profit of 428 million euros accrued until September 2022, a growth of 178% and the highest private banking profit in the country.
“The successful completion of the restructuring period is a milestone in confirming the future of novobanco, enabling it to present positive results, sustainable levels of profitability and continue independently – that was the goal,” explains Dinheiro Vivo, the current CEO, out. , which had already confirmed the “full and successful execution of the business plan even in a scenario of more challenging market conditions than those foreseen in the business plan” (including a pandemic and a decade of negative Euribor rates) in a statement to the CMVM.
Source: DN
