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