STOCK MARKET WATCH -- Monday, 15 September 2014

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9. Former Lloyds Banker To Lead Portugal's 'Good Bank,' Novo Banco

http://www.businessinsider.com/afp-new-head-for-portugals-good-bank-novo-banco-2014-9

Lisbon (AFP) - Former Lloyds banker Eduardo Stock da Cunha is to take over the helm at Novo Banco, the "good bank" created after the bail-out of stricken Portuguese lender Banco Espirito Santo (BES), after its president stepped down on Saturday.
Stock da Cunha, 51, who worked in the US and London after beginning his career in Lisbon, is "tasked with forming and leading an experienced team" to build up the bank so it can be sold, the Bank of Portugal said in statement Sunday.

He replaces economist Vitor Bento who was brought in to salvage crisis-hit BES in mid-July after Portugal's biggest private lender collapsed after allegations of accounting fraud in its parent companies.

The management team of Novo Banco on Saturday announced their intention to give up their roles while "leaving time for a smooth transition to be prepared".



Read more: http://www.businessinsider.com/afp-new-head-for-portugals-good-bank-novo-banco-2014-9#ixzz3DNNljGpX