Novo Banco is a successor of Banco Espírito Santo (BES) establised in August 2014 by the Bank of Portugal as a bridge bank (or a "good bank") to rescue assets and liabilities of BES. The only owner of Novo Banco is a special bank Resolution Fund, the fund will continue to own the bank until the bank is sold to new owners. Novo Banco provides products and services in retail and investment banking, asset management and insurance.
Becoming a client of Novo Banco, SA can be done in a few steps:
Due to regulatory requirements Novo Banco, SA performs KYC/AML checks when establishing business relationships with a new client. While onboarding a private individual Novo Banco, SA will ask him/her to provide the following documents: passport; proof of address; employment details. For corporate clients Novo Banco, SA will ask to provide corporate documentation as well as information about controlling persons. Novo Banco, SA may request additional documentation or information depending on the case. Novo Banco, SA performs client's identity verification via video call.
In 2019 total assets of Novo Banco, SA were 45 559,92 mln EUR. In 2019 the bank's net income was -1 056,10 mln EUR. Novo Banco, SA had 4 214 employees in 2019.
Novo Banco, SA is rated by Moody's. Long-term credit rating assigned to the bank by Moody's is B1 (highly speculative).
Novo Banco, SA participates in the deposit guarantee scheme of Portugal. This deposit guarantee scheme applies to current accounts, savings accounts, time deposit accounts made by natural persons, legal entities and covers up to up to 100,000 EUR per bank per depositor. Novo Banco, SA is a member of Fundo de Garantia de Depósitos (FGD) and makes its contributions into it.
Novo Banco, SA is headquartered in Lisboa.