The Bank of Portugal on Sunday picked a new chief executive for Novo Banco, successor to Banco Espirito Santo (BES), following the embarrassing resignation of its three top managers appointed only two months ago.
Eduardo Stock da Cunha, 51, an experienced international banker who has worked at lenders like Santander and Lloyds in Britain, Portugal, Spain and the United States, became the new head of the bank that the central bank aims to sell off swiftly to recover state loans.
BES, Portugal’s largest listed lender, had to be rescued last month after the collapse of the business empire of its founding Espirito Santo family, whose main holding firms are under creditor protection.
Stock da Cunha’s last job was as auditing and risk area director on the team of Lloyds Banking Group’s Portuguese CEO Antonio Horta Osorio. The two had worked previously at Santander in Portugal.
Jorge Cardoso, board member at the state-owned bank Caixa Geral de Depositos, was named finance director at Novo Banco, Bank of Portugal said in a statement.
The central bank also reiterated its intention to sell the bank to investors “within the shortest reasonable period” to guarantee a stable ownership structure and safeguard the interests of Novo Banco clients.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.