Lisbon, June 4, 2025 (Lusa) - Novo Banco shareholders on Wednesday approved the listing of the institution’s capital on the stock market and the amendments to the articles of association that allow this, paving the way for an initial public offering, in addition to direct sale.
The general meeting, announced in early May, approved the five points proposed today, including the admission to trading of the representative shares on Euronext Lisbon, said a source close to the process.
The proposal was approved with the votes in favour of global private equity group, Lone Star, which holds 75% of Novo Banco, and with the abstention of the remaining 25%, belonging to the Resolution Fund (13.54%) and the DGTF - Directorate-General for Treasury and Finance (11.46%).
Novo Banco was created in 2014 to take over part of Banco Espírito Santo’s (BES) banking activity following its resolution.
A source from the Resolution Fund confirmed the abstention in the vote, referring to the decision of the European Commission’s Directorate-General for Competition in October 2017, which established that it would not exercise its voting rights.
When contacted by Lusa, the Ministry of Finance declined to comment on the Novo Banco general meeting.
The Jornal de Negócios newspaper reported today that, like the Resolution Fund, the DGTF would also abstain from voting, “due to commitments made by the State to the European Commission, which remain in place despite the early termination of the Contingent Capital Agreement”.
Approval at the meeting represents a precedent and does not oblige the bank to launch an IPO on the stock market, but allows it to do so if the shareholders so wish, as this option remains open, alongside a direct sale.
According to the Negócios newspaper, Novo Banco submitted its prospectus to the Portuguese Securities Market Commission (CMVM) several weeks ago and is awaiting the regulator’s response.
Since 2017, when Novo Banco was sold to Lone Star, the Portuguese Bank Resolution Fund has injected €3.405 billion into the bank, causing several political and media controversies. With the early end of this mechanism at the end of 2024, it has become possible for Novo Banco to be sold and to pay dividends immediately.
Lone Star announced this year that it would sell part of the bank on the stock market and a dividend distribution plan to make the institution attractive to investors.
Novo Banco revealed earlier this month that it had made profits of €177.2 million in the first quarter, 1.9% less than in the first three months of 2024.
Shareholders also approved a comprehensive review of the bank’s articles of association to ensure compliance with the rules applicable to its eventual admission to trading on the stock market, as well as a review of the remuneration policy for the bank’s management and supervisory bodies and the remuneration of the members of the General and Supervisory Board for the 2025–2028 term of office.
The shareholders also approved the election of the members of the General Shareholders’ Meeting for the 2025–2028 term.
JO/AYLS // AYLS
Lusa
