Hailed almost two years ago as the White Knight who could ensure a good sale for the good bank Novo Banco, banker Eduardo Stock da Cunha is returning to his ‘proper job’ at Lloyds of London with the essential in his original brief unaccomplished. Reports in the Portuguese media say he will be returning to England in September while Novo Banco’s fate is still far from having been settled.
Before he leaves his post as president, Stock da Cunha will follow through with the collective dismissal of 69 staff who have refused Novo Banco’s terms of “friendly contract rescission”, writes Expresso – adding that the Bank of Portugal will have to decide by August how it can offload the bank he leaves behind.
As Público explained earlier this week, the sale of the bank that emerged from the collapse of BES two years ago is crucial to whether or not the government can pay back a €4 billion loan (click here).
natasha.donn@algarveresident.com
