Off the wire
Government work report published in 7 minority languages  • Spotlight: Three decades on, China-Finland ties thrive on innovation  • China greenlights 10 IPOs  • 4 killed in car crash in Mexico City  • Former U.S. envoy expects upcoming Xi-Trump meeting to "go well"  • Xinhua China news advisory -- April 1  • Early trials of wild rabbit disease deemed success by Australian scientists  • Commentary: China's Belt and Road "circle of friends" expanding  • 2nd LD Writethru: Myanmar begins parliamentary by-elections to fill vacant seats  • Caixin manufacturing PMI slips to 51.2  
You are here:   Home

Portugal's PM: Sale of bank Novo Banco to U.S. fund not to affect tax payers

Xinhua, April 1, 2017 Adjust font size:

Portuguese Prime Minister Antonio Costa said Friday that the sale of state-rescued Novo Banco to Lone Star of the United States will not have an impact on public accounts or on tax payers.

A "balanced solution" had been reached, he said.X Nationalizing the bank would have entailed an injection of around 4 billion euros (4.26 billion U.S. dollars), while the sale meant the state would not have to pay anything at all, Costa told a press conference.

"Novo Banco will continue to carry its role of financing the (Portuguese) economy," Costa said.

Lone Star, a U.S. private fund, will acquire 75 percent of Novo Banco in exchange for a capital injection of 1 billion euros (1.06 billion dollars). Lone Star will first pay 750 million euros and the remaining 250 million euros will be disbursed by 2020. Endi