Lone Star retains Novobanco board as sale preparations continue

American fund Lone Star will reappoint the members of the General and Supervisory Board (CGS) of Novobanco, a body whose competences resemble those of a board of directors and which is led by Byron Haynes, for a new term until 2028.

The bank has just scheduled an extraordinary general meeting for December 20 and one of the items on the agenda concerns the appointment of CGS members for 2025-2028.

Officially, Lone Star – which controls 75% of the bank’s capital – does not comment, but ECO knows that there will be no changes in relation to the current composition – which, moreover, has undergone some changes in recent months.

The CGS is Novobanco’s supervisory body, and is responsible for supervising and advising the executive team led by Mark Bourke (with a mandate until the end of next year).

Since 2017, when the body was created when the bank was bought by Lone Star, CSG has been led by Byron Haynes, one of the trusted men of the American fund, and currently has eight more members, after the two departures that took place in September.

In addition to Lone Star, Novobanco’s shareholder structure has two other entities: the Resolution Fund and the Directorate-General for Treasury and Finance (DGTF), with 13.54% and 11.46%, respectively.

With the prospect of selling Novobanco, it is unlikely that the next term of the CGS (of four years) will come to an end. And perhaps this helps to explain why Lone Star opted for the continuity of the current board.

The sale process is expected to start sometime in the first half of next year, and Mark Bourke continues to work towards an IPO (initial public offering), as he has said several times publicly.