Novobanco moves to Taguspark

 In Banks, News, Novo Banco

Novobanco has reorganised its share capital and completed its move to a new headquarters in Taguspark.

Novobanco has decided to reallocate its free reserves of €5Bn to “absorb losses” and the bank’s capital share has been reorganised. The operation first involved a reduction of the same from €6.6Bn to €3.2Bn to cover retained negative results and reinforcing legal reserves.

Second, it increased share capital to €3.345.000.000,30, this increase being effected by “incorporation of the special reserve created by reference to the underlying deferred tax assets”, a change which was informed to the market on Monday.

These changes also implied reducing the number of shares representing the share capital, which went from €11,611,327,275 to 500 million, and the Resolution Fund exercised its rights and is the holder of these shares. In the statement of June 7, when these changes were disclosed, Novobanco explained that the capital reorganisation had no impact on the total of its equity: “it will only have the effect of eliminating the negative losses accumulated in the individual Novobanco accounts, and which had been accumulated during the banks restructuring period”, states the note sent to the Portuguese securities commission (CMVM).

Novobanco also announced the registration of its new headquarters, which became the ‘Campus of Novobanco, Avenida Dr. Mário Soares, Taguspark, Edifício 1, 2740 119 Porto Salvo’. After selling the old headquarters in the centre of Lisbon, which generated an increase of €67 million in 2022. The move to Oeiras, which has already happened as planned, cost €47 million, as reported by Expresso.

The headquarters of Novobanco on Lisbon’s Avenida da Liberdade was sold in 2022 to Merlin Properties for €112.2 million.