Novobanco
From Wikipedia, the free encyclopedia
Novobanco, Novo Banco, SA, is a major Portuguese financial bank headquartered in Lisbon, Portugal. Following the entry into force of European Banking Supervision in late 2014, Novo has been designated as a Significant Institution and is supervised by the European Central Bank.[2][3]
This article needs additional citations for verification. (March 2023) |
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Company type | Public company|Public |
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Industry | Financial services |
Predecessor | Banco Espirito Santo |
Founded | August 4, 2014; 10 years ago (2014-08-04) |
Headquarters | Lisbon, Portugal |
Number of locations | 292 branches |
Key people |
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Products | Retail and investment banking, insurance, asset management, venture capital |
Brands | novobanco |
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Total assets | ![]() |
Total equity | ![]() |
Owners |
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Number of employees | 4,209 (Dec 2023) |
Subsidiaries | Banco Best (100%); GNB GA (100%) |
Website | www.novobanco.pt www.novobanco.pt/english/about-novobanco/about-novobanco |
Novo was established on 4 August 2014, as a result of a restructuring following the bankruptcy of Banco Espírito Santo (BES) led by the Bank of Portugal to hold the bank's healthy assets. This allowed Novobanco to operate split off from the BES's toxic assets after historic losses of 3,577 million euros. BES's toxic assets, on the other hand, were transferred to a "bad bank".[4]
In 2022, Novo launched a rebranding.[5] The bank also reported that it held a solid balance sheet and robust capital ratios and was investing heavily in renewing its commercial network.[5][6]