Novo Banco
| Company type | Public |
|---|---|
| Industry | Financial services |
| Predecessor | Banco Espírito Santo |
| Founded | August 4, 2014 |
| Headquarters | Lisbon, Portugal |
Number of locations | 290 branches, 20 corporate centres |
Key people |
|
| Products | Retail and corporate banking, asset management |
| Brands | novobanco |
| €745mn (2024) | |
| Total assets | € 42.5 billion (2024) |
| Total equity | € 6.568 billion (2023) |
| Owners |
|
Number of employees | 4,195 (Dec 2024) |
| Subsidiaries | Banco Best (100%); GNB GA (100%) |
| Website | |
Novo Banco, SA, trading as Novobanco (Portuguese pronunciation: [ˈnovubɐ̃ku], lit. 'New Bank'), 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 (BES) 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".