Novo Banco prepares to change its image

  • ECO News
  • 6 September 2021

The Portuguese bank is preparing to renew its image at the end of next month.

Novo Banco is preparing to renew its image, with the new chapter of its life in mind. The change will take place over the next two months, according to information gathered by ECO. This September, the bank’s own workers will be asked to collaborate in creating the new image, which will be presented to the public and implemented in the bank’s points of contact, including the branch network, at the end of October.

Questioned by ECO about this process, the financial institution refused to make any comment, but the image renewal is being planned for months and the CEO, António Ramalho, sent this Sunday afternoon an email to the workers to inform them of this change, inviting them to take part in the initiative.

“Behold, the moment has come to write another chapter of this already long journey of ours, our brand’s rejuvenation, the creation of a new image that marks the new stage in the life of our bank,” wrote António Ramalho in the missive to which ECO had access.

“And if together we have got here, together we will make history by creating a brand through a collaborative process that is unprecedented on a global level. With the collaboration of each one of us, we will create our collective symbol, our wave of change,” he says.

The new image is not done yet. In fact, the bank counts on the involvement of its 4,500 workers in this process. An application has been developed that will transform the voices of each of the employees into a single one to create this new image.

The new image comes at an appropriate time in the bank’s life. It appears in a year in which Novo Banco is finally preparing to make a profit, in what the CEO intends to be the turning point for the institution, after years of losses (and controversial requests for money from the Resolution Fund) and multiplication of cases that have damaged the public perception of the bank.

António Ramalho himself acknowledges the “obstacles” that the bank has had to overcome in recent years, but it is time for the “rebirth” phase. “We want to become a new bank again: we want to consolidate our profitability trajectory, we want to return to a growth path, we want to fully assume this new phase of rebirth,” he told the workers.

The H1 results already show profits of €138 million (against losses of over €500 million in the first half of last year). In addition, with the end of the parliamentary commission of enquiry – the final report should be discussed in plenary next month – the rate of news about the bank will tend to decrease.