Novo Banco: Audit confirms transparency of asset sales

Novo Banco considers Deloitte’s audit gives it credit for the asset sales, which have been much questioned in recent weeks.

“The final document conveys the clarity and collaboration in which the review process took place and confirms the transparent and competitive way in which Novo Banco has been recovering its financial situation,” says the bank led by António Ramalho in reaction to the Deloitte’s audit.

The Portuguese bank has scheduled a press conference with the executive committee on Wednesday morning to give more details about the audit.

Several sales operations of real estate assets portfolios and also the sale of the insurance company GNB Vida have been questioned in recent weeks, because of the millionaire losses that forced the State to finance the Resolution Fund and the doubts surrounding the final beneficiaries of these transactions.

According to the Ministry of Finance, the last report revealed net losses of over 4 billion euros in Novo Banco that came mainly from BES. The auditor reported “a number of serious weaknesses and deficiencies” in the bank until 2014. The document went on to various bodies, including the public prosecutor’s office and the Parliament.

For the bank, the auditor’s analysis “highlights the importance of asset disposal processes for the recovery of Novo Banco’s accounts,” and whose “operational improvements achieved put Novo Banco in a solid position to support the Portuguese economy at this critical moment.”