Sérgio Monteiro will stay three more months in the Bank of Portugal until the sale of Novo Banco
The consulting contract should end on October 31st, but the Bank of Portugal has extended the contract until the end of January to allow the former governor to direct the sale.
The Bank of Portugal has extended the consulting contract with Sérgio Monteiro until the end of January, in order to allow the former State Secretary to direct the sale of Novo Banco until it is finalized, brings forward Portuguese newspaper Jornal de Negócios this Monday.
The consulting contract between the Bank of Portugal and Sérgio Monteiro should have ended on October 31st, but was extended for three more months so Monteiro can be in the forefront of the negotiations.
The purchase proposals for Novo Banco should be presented until November 4th. At most, Sérgio Monteiro’s services will be completed on April 30th.
The Bank of Portugal wants to have a solution for shareholders of Novo Banco until the end of the year, a decision the Portuguese prime-minister has already acknowledged will be political. The extension of Sérgio Monteiro’s contract represents an additional 76.2 million euros burden for the Bank of Portugal.
