Novo Banco loses €1.33B, directors awarded €1.86M bonus

  • Lusa
  • 5 May 2021

Novo Banco's board will receive a bonus of €1.86 million for a year in which the bank made losses of 1.329 million. The amount can only be paid in 2022.

Novo Banco will award a 2020 bonus of €1.86 million to members of the executive board of directors led by António Ramalho, with the award deferred to 2022, after the restructuring of the institution is completed.

In the 2020 report and accounts, sent to the Portuguese Securities Market Commission (CMVM) on Tuesday night, Novo Banco guarantees that “no payment” has yet been made.

“For 2020, variable remuneration was conditionally awarded, subject to various conditions, of €1.86 million to the members of the Executive Board of Directors,” the document reads.

“This award was based on the individual and collective performance of each member, assessed by the remuneration committee. This award did not give rise to vested rights and no payment was made to these members,” it justifies.

Novo Banco announced in late March that it recorded a loss of €1.33 billion in 2020, even worse than the loss of €1.06 billion recorded in 2019.