The General Supervisory Board of Novo Banco, an entity that emerged in 2014 after the bankruptcy of BES and is currently the fourth largest in Portugal, approved this Tuesday the dismissal “with immediate effect” of Carlos Jorge Ferreira Brandão as a member of the executive board and risk director of the entity after having detected “suspicious financial transactions” carried out in his personal sphere.
“This decision was made after the identification, through the bank’s internal processes, of suspicious financial transactions carried out in his personal sphere, which gave rise to a complaint to the authorities,” the Portuguese bank announced in a statement sent to the regulator. market.
Novo Banco has stressed that The operations in question are not related to or involve, in any way, the entity and, as such, they have no impact on users’ clients, accounts or operations, the financial situation or activity of Novo Banco, nor on its commercial operations, risk management system or its employees.
In this sense, the entity has explained that, after detecting the situation, initiated an internal investigation and filed a complaint with the authoritieswhich motivated the beginning of an investigation that now continues.
Likewise, Novo Banco informed the regulator and the supervisory authority competent in the matter, adding that all necessary and appropriate measures were immediately adopted to the situation, with a view to protecting the entity and all interested parties, acting in coordination and full cooperation. with the competent authorities.
In this way, the Appointments Committee of the General and Supervisory Board of Novo Banco has activated the succession plan and the progress on this matter will be announced in due time once the process is completed, while, on an interim basis, The entity’s CEO, Mark Bourke, will assume the role of chief risk officer.
Carlos Jorge Ferreira Brandão, head of risk at the Portuguese bank since 2022, joined Novo Banco in 2017. Previously, the executive was CEO and country manager of Bankinter Portugal.
For their part, as part of an investigation led by the Fourth Section of the Central Directorate of Investigation and Criminal Action (DCIAP), the Portuguese authorities have confirmed that a dozen searches have been carried out in order to identify and seize documents and other means of proof.
Specifically, four domiciliary searches, one banking establishment search, and seven non-national searches were ordered/authorized. The Public Ministry has indicated that events may be at stake that could constitute the commission of crimes of tax fraud, money laundering and forgery by a director of Novo Banco.
Last December, Novo Banco early terminated the contingent capitalization agreement (CCA) established in 2017 to face losses derived from the assets inherited from BES and which expired in December 2025.
In this way, the entity, which will be able to distribute dividends again, expressed its intention to “explore opportunities in the capital market” that allow it to diversify its shareholding base with the aim of being an independent bank.
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