Portugal says that the public subscription Novo Banco is likely to be an amount of up to 30 %

By Sergio Gonquelvis

LEX (Reuters) – The American Special Star Company told the Portuguese government that it is likely to sell a 25-30 % stake in Novo Banco through a preliminary public offer, instead of searching for a full sale, said Finance Minister Jacim Miranda on Friday.

In September, three sources of knowledge of Reuters told Reuters that the color of Star, which owns 75 % of Novo Panco, is considering full sale in addition to the weight of the public subscription. The sources said that Novo Banco is about 5 billion euros ($ 5.2 billion).

Novo Panco, the fourth largest bank in Portugal, was created in 2014 from the rescue of the Portuguese government of the Plash Bank, Panco Espereto Santo.

Lone Star has its share since 2017, with the Portugal decision fund and the country that has the rest.

Miranda Sarmino said the government had been told by Novo Panco and Lun Star that the American Special Parking Company wanted to implement “public subscription from about 25 % to 30 % of the bank” for the bank.

He said that the government “has never reached the color of a curtain that sells its 75 % share in the bank.”

Novo Panco refused to comment. A request for comment was sent to Lone Star.

Although the first five Portuguese banks control more than 80 % of the country’s banking assets, analysts see an area for more monotheism to improve competitiveness.

However, the Novo Panco Council says the bank will be better as an independent lender.

In June, Paulo Masido, CEO of Caixa Geral De Deportos (CGD), said that the country’s largest bank was considering “all hypotheses” to buy another lender to preserve Spain.

“If CGD decides to evaluate what the market conditions may be and what are the future developments, the government will make decisions based on this evaluation, but we will not interfere in the CGD administration,” Miranda Sarmino told reporters.

Other banks in the country include Millennium BCP, Santander Portugal, owned by the Spanish giant Santander and BPI, owned by the Spanish company Caixabank.

($ 1 = 0.9626 euros)

(Participated in the reports of Sergio Gonclavis; Al -Tahrir by Mark Potter)