Apollo buys Evo Banco for €60m

The investor completed the €60m deal, equal to 55% of Evo's net book value, via Apollo European Principal Finance Fund II.

In early September, private equity houses including Centrebridge and Anacap were reported to be circling the asset. The vendor selected Apollo due to a commitment to protect jobs and the existing network of banks across Spain, NCG said in a statement.

Arcano Investment Advisers acted as adviser to Apollo.

Company
In 2012, NCG began operating outside of the Galicia region under the brand Evo Banco. Evo manages €702m in credit and €1.6bn's worth of savings. Post-investment, the bank will retain its Madrid headquarters, 80 offices across Spain, 590 staff and 250,000 existing customers.

People
Andrés Rubio is a partner at Apollo and worked on the deal.

Advisers
Equity - Garrigues, Rafael González-Gallarza, Jaime Bragado, Roldán García, Aida Gónzález, Bernardo Pérez-Navas (Legal).

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• Topics
• Southern Europe
• Financials
• Buyouts
• Spain
• Apollo Management