Apollo Global Management agreed to acquire Evo Banco for EUR 60 million or USD 79 million. Apollo Global is a New York-based private equity firm while Evo Banco is a subsidiary of NCG Banco, a nationalized bank in Spain. The deal would mark the first purchase of a foreign buyout firm of a Spanish bank since last year's bailout of Spanish banks.
In an emailed statement to Bloomberg, NCG said the purchase price was 55% of the net book value of Evo Banco. The lender has a loan portfolio of EUR 702 million. It also has deposits amounting to EUR 1.6 billion.
Head of Apollo European Principal Finance Fund II Andres Rubio said Evo was in a good position to grow in the Spanish market. "We expect to maintain and expand our current operations to offer the best service to EVO Banco clients," he added.
NCG had to meet certain conditions to be able to availEUR 9 billion of state aid that had been given under Spain's bailout program. One of the conditions was the sale of Evo Banco.
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