Novo Banco, S.A.

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. Novo Banco, S.A. operates as a subsidiary of Novo Banco, SA (Portugal).

Novo Banco, S.A. has Category B banking license number 1191330 issued by the Cayman Islands Monetary Authority. This type of license allows Novo Banco, S.A. to conduct banking operations with non-residents and domestic banking business with other Cayman Islands licenced entities.

Bank Category

Category B (Banking)

Services

Retail Banking
Investment Management
Asset Management
Insurance

There is no deposit guarantee scheme in the Cayman Islands: in the case of Novo Banco, S.A. failure its depositors will not get any compensation.

Contacts

KY1-1005, Grand Cayman, Cayman Islands
10507

Start Date
31 March 2016

Business Summary

Services
retail banking
investment management
asset management
insurance

Novo Banco, S.A. provides products and services in the areas of retail banking, investment management, asset management, insurance.

Deposit Guarantee

Deposit Guarantee
No

Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.

There is no deposit guarantee scheme in the Cayman Islands.

In the case of Novo Banco, S.A. failure its depositors will not be paid out any compensation.

European Presence: 6 banks in 5 countries

Novo Banco, S.A. operates under the brand name Novo Banco. This banking brand has presence in the following European countries and selected dependent territories of the European countries:

Cayman Islands

  •  (this bank) Novo Banco, S.A. (Grand Cayman)

Luxembourg

Portugal

Spain

United Kingdom