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Novo Banco CEO says focused on growth more than bank's sale
September 18, 2014 / 11:53 AM / in 3 years

Novo Banco CEO says focused on growth more than bank's sale

LISBON, Sept 18 (Reuters) - The new chief executive of Portugal’s Novo Banco - the successor to Banco Espirito Santo after a state rescue - said on Thursday his management team will work on adding new clients, growing deposits and loans rather than just preparing the bank’s sale.

“Our mandate is clear, to recover and create value for our institution, so that it regains its leadership in the market,” Eduardo Stock da Cunha wrote in a letter to employees, a copy of which was seen by Reuters.

“We have to get new clients, grow the volume of deposits and ‘good risk’ loans. That is our mandate and not the permanent discussion about the model and date of sale” of the bank. The government has said it wants the bank sold swiftly, but on good terms to recover rescue loans. (Reporting By Andrei Khalip, editing by Axel Bugge)

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