BIC Português bank changes name to EuroBic

23 June 2017

Banco BIC Português will change its name to EuroBic as of 27 July, the president of the bank announced in Lisbon, explaining the measure was due to a court decision.

In 2013, Banco BIG filed a lawsuit complaining of the likeness of image and brand between BIC and BIG, and in January the court decided Banco BIC would have to change its branding, Portuguese daily newspaper Público reported.

The president of Banco BIC Português, former Finance Minister Teixeira dos Santos, said that the change of image of some 200 branches, which will have to be completed by 27 July, will not be easy but added that the process of “supplying physical and digital materials” is already underway.

Dos Santos also said that the bank will take advantage of this change of branding to launch a new business strategy to attract more private customers, especially those with higher incomes (mid-high range) and companies, in this case small and medium-sized businesses and small businesses.

Banco BIC Português, which has the same shareholders as BIC Angola, Isabel dos Santos and Luso-Angolan businessman Fernando Teles, reported losses of 22.7 million euros in 2016, affected by impairments recorded as a result of the debt restructuring of PT International Finance. (macauhub)