Banco Espírito Santo Cabo Verde situated in Novo Banco, continues activity

6 August 2014

Banco Espírito Santo Cabo Verde (BES-CV) announced on Tuesday that it would continue banking activity with no change now that it is a subsidiary of the new Novo Bank set up by the Bank of Portugal using assets from Banco Espírito Santo.

In a statement released in Praia, BES-CV recalled that the Bank of Portugal resolved on 3 August to transfer most activity and property of Banco Espírito Santo (BES) to Novo Banco, which was duly capitalised and purged of problem assets.

“Novo Banco thus began operations on 4 August with capital of 4.9 billion euros and a capital ratio of 8.5 percent, as explicitly mentioned in the official Bank of Portugal statement released on 3 August,” the text explains.

BES Cabo Verde has therefore informed its clients and the “Cape Verdean market in general” that the institutions BES Cabo Verde and BES Sucursal Financeira Exterior de Cabo Verde are henceforth a subsidiary and branch of Novo Banco, respectively.

“They will continue their banking activity in Cape Verde in the same way they have operated since the respective beginnings in 2010 and 2006,” the statement continues.

BES entered Cape Verde in 2006, setting up a financial branch abroad. In July 2010 it opened a universal bank under Cape Verdean law, BES-CV, with start-up capital of 13 million euros, thereby joining the process of internationalising Cape Verde’s financial sector with respect to the western part of Africa. (macauhub/CV/PT)