Novo Banco
 | |
| Industry | Financial services |
|---|---|
| Predecessor | Banco Espirito Santo |
| Founded | 2014 |
| Headquarters | Lisbon, Portugal |
Key people | Eduardo Stock da Cunha |
| Products | Retail and investment banking, insurance, asset management, venture capital |
| Website | www.novobanco.pt |
Novo Banco is a Portuguese bank introduced on 4 August 2014 by the Bank of Portugal to rescue assets and liabilities of Banco Espírito Santo (BES).
The rescue of Banco Espirito Santo came after weeks of increasingly bad news about the financial state of the lender, particularly its exposure to a cascade of companies headed by its founding Espirito Santo family headed by Ricardo Salgado. BES was to be split into a "good bank", renamed Novo Banco, and a "bad bank", which will house BES's exposures to the troubled Espirito Santo business empire as well as its Angolan subsidiary BESA. Novo Banco was recapitalised to the tune of 4.9 billion euros by a special bank Resolution Fund. The Portuguese state lends the fund 4.4 billion euros.The bank has a board for the 2014-2017 mandate and is presided by Vítor Bento.[1]
A month and a half after he started up his duties, Vítor Bento abandoned the leadership of Novo Banco and was replaced in September 2014 by Eduardo Stock da Cunha.[2]
The Resolution Fund is the bank’s only shareholder until a sale transaction takes place. This fund is a structure created in 2012 with contributions from Portuguese banks and from the financial sector.[3][4] It is audited by Banco de Portugal – the Portuguese regulator – and supervised by Tribunal de Contas.[5]
Novo Banco incorporates every staff, branch, deposits, credit customers and holders of senior bonds of Banco Espírito Santo.[6]
In August 2014 Novo Banco launched its first communication campaign, to mark the beginning of the change in the image of the bank.[7] From the campaign, whose symbol was a butterfly, the bank launched its new identity on September 22, which incorporated the animal’s wings in the shape of a mathematical power, as a way to symbolize the commitment to “have once more the leading role it once had.”[8] The change in the brand was made progressively, starting by the facades in the bank’s branches.[9]
References
- ↑ New CEO, CFO Chosen for Banco Espirito Santo The Wall Street Journal, retrieved on 05-07-2014
- ↑ Lloyds Executive Named to Run Portugal's Novo Banco The Wall Street Journal, retrieved on 14-09-2014
- ↑ "Novo" BES recebe ajuda de 4,9 mil milhões de euros através do fundo de resolução, Jornal de Negócios (03-08-2014), retrieved on 08-08-2014
- ↑ Portugal in €4.9b rescue of Banco Espirito Santo, Gulf News (04-08-2014)
- ↑ Tudo o que já se sabe sobre o Novo Banco e o BES, Observador (03-08-2014), retrieved on 08-08-2014
- ↑ Tudo o que já se sabe sobre o Novo Banco e o BES, Observador (03-08-2014), retrieved on 08-08-2014
- ↑ 'Novo Banco. Um bom começo', promete Vítor Bento Diário Económico (21-08-2014)
- ↑ Novo Banco muda de símbolo e fica apenas com as asas da borboleta, Jornal de Negocios (22-09-2014)
- ↑ Logótipo do Novo Banco nos balcões a partir de hoje, Observador (22-09-2014)