Novo Banco

A former manager at Novobanco in Spain is being investigated for swindling 80 clients from around €50 million in a Ponzi scheme, with a court ordering the bank to stump up a third-party bond of [...]

The US venture capital and asset management fund Lone Star has put a €2Bn price tag for the sale of its 75% share in Novobanco. According to the Spanish media outlet Vozpópuli, the bank has [...]

The CEO of Novobanco has been on a charm offensive with potential investors in New York, London and Frankfurt to sound out their appetite for a planned Initial Public Offer of shares floated on [...]

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 [...]