NEW YORK and LISBON, Portugal, Jan. 5, 2017 /CNW/ -- 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 €7 billion in the region, and recently opened an office in Lisbon."
NOTE TO EDITORS
BACKGROUND ON LONE STAR FUNDS
- Lone Star knows and believes in Iberia, having invested in the largest home developer in Spain, Neinor Homes; in a €4.4 billion Portuguese and Spanish commercial property loan portfolio; and in Vilamoura, an important travel destination in Portugal in which Lone Star is investing millions of Euros.
- Lone Star was founded in 1995, and invests on the behalf of its investors, who consist mainly of pension funds for thousands of public sector and corporate employees and retirees, as well as endowments that support medical research, higher education and other philanthropic causes. Thousands of public servants, including firefighters, police officers, and teachers, as well as retirees from the private sector, students, patients, researchers, and society as a whole have benefitted from Lone Star's investment returns.
- Since the establishment of the first Fund in 1995, Lone Star has organized 17 funds with aggregate capital commitments totaling over $70 billion. Lone Star has vast transactional experience, having closed approximately 460 investments in approximately 1,350 transactions at an aggregate purchase price of more than $170 billion.
- 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 upholding stringent standards and rules and treating people with dignity and respect.
Lone Star Funds
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SOURCE Lone Star Funds