Novo Banco

Novobanco posted profits of €373.2 million for the first half of 2023, an increase of 40% on the like-for-like period in 2022. The bank says the profits are down to “the sustained evolution of [...]

Novobanco is preparing a reorganisation of is asset management businesses in which it will concentrate the activities and assets of various management companies into one “super” manager that will [...]

The Portuguese State is planning to become the second largest shareholder in Novobanco – the bank created in 2014 to hold the recoverable assets and deposits from Banco Espírito Santo which [...]

Banco Espírito Santo and its replacement Novobanco are the financial institutions that have most benefitted from public funds since 2008. Over 14 years they have received around €8.3Bn from the [...]

After steering Novobanco through a six-year hurricane of turmoil, painful restructuring and media and parliamentary controversy, CEO António Ramalho has left the bank for Swiss pastures. He is [...]

A Portuguese millionaire entrepreneur has acquired the Herdade do Vale Feitoso – the largest fenced estate property in Portugal. Ricardo Machado, who has a dispute over €1Bn running in [...]

Portugal’s public spending watchdog Tribunal de Contas has concluded that a bank that has received around €11Bn to detoxify its balance sheets and keep it afloat since 2014, did not act in the [...]

There was no documented reasoning to explain Novobanco’s decision to sell off its subsidiary bank in Spain according to a report on the findings of an audit carried out by Deloitte. The sale was [...]

Mark Bourke, currently CFO at Novobanco, has been chosen at the next CEO to replace António Ramalho when he stands down in August. In a communiqué sent to the stock market commission CMVM, [...]

Novobanco has once again handed out bonuses to its directors, this time worth €1.6 million. In 2020 it handed out bonuses of €1.9 million according to its financial report of 2020. Despite [...]