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Board of Portuguese lender Novo Banco in shock exit


Portugal

Board of Portuguese lender Novo Banco in shock exit

The board of the newly created Portuguese Bank Novo Banco has resigned.

The lender was saved by a government bailout in its previous guise of Banco Espirito Santo.

The new management took the helm in mid-July and announced its decision claiming it was based on a “change of circumstance.”

Both the finance ministry and the banks involved in the rescue want Novo Banco sold quickly to ease the burden on taxpayers already hit hard by austerity measures.

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