ECB approved almost every new member of the bank's administration. It will have four new managers and keep two from the previous committee. Rui Cartaxo is chairman and the CEO is António Ramalho.
Novo Banco has already seen nearly all of the new board of administration members approved — the only approval lacking is José Eduardo Bettencourt’s. Overall, there are eight members in the executive committee which will continue being headed by António Ramalho. Rui Cartaxo will be the chairman of the bank which is being sold to Lone Star.
“Novo Banco‘s new Executive Committee has been approved by the Resolution Fund on December 21st and received this Friday, April 7th, ECB’s approval for nearly all of the names included in the list. Therefore, the team which will assure Novo Banco’s continuity (until the sale is concluded) is almost complete”, the bank stated in the press release sent to the CMVM (Portuguese Securities Market Commission).
“The Executive Committee’s members have an average of 21.8 years of banking experience out of which 50% (11 years) were spent as board members”, the press release adds. This new administration “has a 30%/70% gender distribution, presents an average 52.14 years of age and also an average of 3 children per person. The members’ age ranges from 58 (maximum) and 44 (minimum)“, the press release states.
Get to know the names of NB’s new Board:
António Ramalho – CEO – He was CEO of Infraestruturas de Portugal, vice-CEO of the bank Millennium, Chairman in UNICRE, Executive Director in Santander Totta and the Champalimaud Group, having 26 years of experience in the sector.
Vítor Fernandes – Chief Comercial Officer – Corporate Network – He was Millenium‘s vice CEO and CEO of Mundial Confiança, having 24 years of experience in the financial sector.
Isabel Ferreira – Chief Comercial Officer – Individuals Network – She was CEO e founder of Banco Best.
Jorge Cardoso – CFO – He was CEO of Banco Caixa Investimentos and an administrator in Caixa Geral de Depósitos. He has 21 years of experience in the financial sector.
Luísa Soares da Silva – Chief Legal and Compliance Office – She was a Partner in MLGTSS. She has 26 years of experience as a lawyer in the sector.
Rui Fontes – Chief Risk Officer – He was Novo Banco and Banco Espírito Santo‘s CRO and was a former risk models’ director. He has 21 years of banking experience.
José Eduardo Bettencourt – Still awaiting ECB’s approval – He has 21 years of experience in the sector. He was Santander Asset Management‘s Chairman and an administrator in Santander, António Osório and Eduardo Stock da Cunha’s Chief of Staff and a manager in Citibank and Barclays. He was also the president of the Portuguese sports club Sporting.