Novobanco restructuring complete

 In Banks, News

Portugal’s Ministry of Finance announced today (Monday, 13 February) that the restructuring programme at Novobanco has been successfully completed.

The successful restructuring has contributed to the “stabilisation of Portugal’s financial system”.

It means that Novobanco, currently led by Mark Rourke, is no longer subject to the restrictive measures imposed by Brussels at the time it was sold to the US fund Lone Star in October, 2017.
“The European Commission announced today to the Portuguese State its intention to announce the completion (of the restructuring programme) as of the reference date of 31 December, 2022 which had begun in 2017”, states the ministry which is led by Fernando Medina in a communiqué sent to news desks.