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Novo Banco owners to receive $1.34 bln when bank makes first dividend payment

U.S. private equity fund Lone Star and Portuguese authorities are set to share 1.3 billion euros ($1.34 billion) when Novo Banco makes its first dividend payout in the coming months.
The article from Reuters discusses that Novo Banco, a Portuguese bank, will distribute its first dividend payment in 2025, amounting to 134 million euros, to its shareholders. This payment will be made to the bank's owners, which include U.S. private equity firm Lone Star Funds, holding a 75% stake, and Portugal's Resolution Fund, owning the remaining 25%. The dividend is a result of Novo Banco's financial recovery, having reported a net profit of 676 million euros in 2023, which was bolstered by a significant one-off gain from the sale of its non-performing loans portfolio. This marks a significant turnaround for the bank, which was previously bailed out during the 2014 financial crisis.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/novo-banco-owners-receive-134-bln-when-bank-makes-first-dividend-payment-2025-01-15/ ]