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Portugal's economy minister confident Novo Banco to be sold in 2015
Sep. 30, 2014 Portugal's Minister of Economy Antonio Pires de Lima said on Tuesday he was confident that bank Novo Banco would be sold in 2015, according to the local media reports.
"I can personally say that I trust in the current
management team's abilities," he said during a conference in
London, adding that Eduardo Stock da Cunha, the new president of
bank Novo Banco, had "great experience in the financial sector."
Novo Banco is the "good bank" created from the healthy
assets of BES, following a state-backed 3.9-billion-euro (about
4.95 billion U.S. dollars) bailout plan after a loss of 3.6
billion euros in the first half of the year due to its exposure
to Luxembourg-based parent company Espirito Santo International
SA (BESI), which ran into difficulties after accountants found
reporting irregularities.
Novo Banco named Eduardo Stock da Cunha, a former director
at London's Lloyds Banking Group, as its new chief executive
just day after Vitor Bento and his top two key executives said
they had tendered their resignations.
Pires de Lima said on Tuesday that Vitor Bento's successor
was "the type of person with conditions to meet his missions:
continue in the market and prepare the way for the bank to be
sold in a reasonable period during 2015."
He pointed out that the Portuguese government was following
the bank closely due to its impact on the economy but said it
was the Bank of Portugal's responsibility to take any relevant
decisions.
He also admitted that the financial collapse of the bank
Banco Espirto Santo had posed a challenge to attract foreign
investors.
Sep. 30, 2014 Portugal's Minister of Economy Antonio Pires de Lima said on Tuesday he was confident that bank Novo Banco would be sold in 2015, according to the local media reports.
"I can personally say that I trust in the current
management team's abilities," he said during a conference in
London, adding that Eduardo Stock da Cunha, the new president of
bank Novo Banco, had "great experience in the financial sector."
Novo Banco is the "good bank" created from the healthy
assets of BES, following a state-backed 3.9-billion-euro (about
4.95 billion U.S. dollars) bailout plan after a loss of 3.6
billion euros in the first half of the year due to its exposure
to Luxembourg-based parent company Espirito Santo International
SA (BESI), which ran into difficulties after accountants found
reporting irregularities.
Novo Banco named Eduardo Stock da Cunha, a former director
at London's Lloyds Banking Group, as its new chief executive
just day after Vitor Bento and his top two key executives said
they had tendered their resignations.
Pires de Lima said on Tuesday that Vitor Bento's successor
was "the type of person with conditions to meet his missions:
continue in the market and prepare the way for the bank to be
sold in a reasonable period during 2015."
He pointed out that the Portuguese government was following
the bank closely due to its impact on the economy but said it
was the Bank of Portugal's responsibility to take any relevant
decisions.
He also admitted that the financial collapse of the bank
Banco Espirto Santo had posed a challenge to attract foreign
investors.
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