Novo Banco, majority-owned by US private equity firm Lone Star, is pressing ahead with plans for an initial public offering, aiming for a listing window in either June or September, according to CEO Mark Bourke.

Despite global market volatility and trade tensions, the Lisbon-based bank intends to float up to 30% of its capital. Bourke confirmed that preparations are underway, including the finalisation of a prospectus and shareholder consultations. A full sale has also been discussed, though the IPO remains the bank’s primary focus.

“We had a very positive broad-based performance in the first quarter,” Bourke said, following the announcement of a €1.1bn capital reduction aimed at distributing dividends to shareholders. He described the payout as a “huge milestone” in the lead-up to the IPO.

Novo Banco is continuing investor outreach, having recently concluded a roadshow with around 30 global investors. According to Bourke, there were no cancellations, even after US President Donald Trump’s announcement of new import tariffs, which remain largely suspended.

He also downplayed concerns over Portugal’s upcoming parliamentary election, noting that fiscal responsibility has remained consistent regardless of political leadership.

Source: Reuters