Caixabank denies plans to buy Novobanco
The CEO of Caixabank in Portugal (BPI) has refuted news that appeared in the Spanish news source Vozpópuli, quoting financial sector sources, that the Spanish bank Caixabank is negotiating to buy it.
“Caixabank is not negotiating with Lone Star to buy Novobanco” said the CEO of BPI, João Pedro Oliveira e Costa on the sidelines of a press conference in which BPI bank’s third quarter results were announced.
Banco BPI, fully owned by CaixaBank, focuses its activity on commercial banking in Portugal, being the fourth largest financial institution in terms of business volume. (loans, guarantees and total customer resources)
According to the news in the Spanish paper, Lone Star contacted CaixaBank to sound out interest in selling Novobanco to Caixabank for €2Bn. Lone Star has a 75% stake in Novobanco.
Sources close to the US asset management fund have not only denied any negotiations to sell, but have reaffirmed the strategy to float the bank on the stock market via a Public Initial Offer. (IPO)
Lone Star purchased 75% of Novobanco in 2017 for €1Bn. The other 25% is owned by the Portuguese treasury and the Bank of Portugal’s Resolution Fund.