novobanco

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Novo Banco, SA, trading as Novobanco, is a major Portuguese financial bank headquartered in Lisbon, Portugal. Following the entry into force of European Banking Supervision in late 2014, Novobanco has been designated as a Significant Institution and is supervised by the European Central Bank. Novobanco was established on 4 August 2014, as a result of a restructuring following the bankruptcy of Banco Espírito Santo 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". In 2022, Novobanco launched a rebranding. The bank also reported that it held a solid balance sheet and robust capital ratios and was investing heavily in renewing its commercial network. It is reported that the bank is seeking an initial public offering in 2025. Read more

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