Arab Today, arab today new head for portugals good bank novo banco
Last Updated : GMT 15:30:37
Arab Today, arab today
Arab Today, arab today

New head for Portugal's 'good bank' Novo Banco

Arab Today, arab today

Arab Today, arab today New head for Portugal's 'good bank' Novo Banco

Portuguese bank BES now called Novo Banco
Lisbon - AFP

Former Lloyds banker Eduardo Stock da Cunha is to take over the helm at Novo Banco, the "good bank" created after the bailout of stricken Portuguese lender Banco Espirito Santo (BES), after its president stepped down on Saturday.
Stock da Cunha, 51, who worked in the US and London after beginning his career in Lisbon, is "tasked with forming and leading an experienced team" to build up the bank so it can be sold, the Bank of Portugal said in statement Sunday.
He replaces economist Vitor Bento who was brought in to salvage crisis-hit BES in mid-July after Portugal's biggest private lender collapsed following allegations of accounting fraud in its parent companies.
The management team of Novo Banco on Saturday announced their intention to give up their roles while "leaving time for a smooth transition to be prepared".
They said they had decided to leave because "circumstances have changed", rebuffing media reports they had come into conflict with the authorities.
Both Lisbon and the Portuguese banks that contributed to the 4.9 billion euro bailout have pressed for the bank to swiftly be sold on the market to help taxpayers already hit hard by austerity.
Stock da Cunha, who worked for the Spanish bank Santander in the US before joining the British bank Lloyds, has brought in three other Portuguese bankers to head his team -- Jorge Freire Cardoso, Vitor Fernandes and Jose Joao Guilherme -- the central bank said.
Bento's sudden departure after only six weeks came because he believed more time was needed to prepare the sale of Novo Banco, according to the Portuguese press. The central bank reportedly disagreed.
The Bank of Portugal admitted Saturday that the bailout plan to save the bank had effectively changed the brief given to Bento's management.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today new head for portugals good bank novo banco Arab Today, arab today new head for portugals good bank novo banco

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Merna Waleed praises her work with Soad Hosni

GMT 07:03 2017 Wednesday ,22 March

Merna Waleed praises her work with Soad Hosni
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 07:12 2017 Tuesday ,21 March

Donia Abdel Aziz participates in "Game of Silence"

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 07:03 2017 Thursday ,23 March

Spider Venom May Offer Hope to Stroke Victims

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday