Objective Stock da Cunha is accelerating sales and minimize losses – Economic

Objective Stock da Cunha is accelerating sales and minimize losses – Economic

Lusa

19 Sep 2014

The goal of the new administration of the New Bank led by Eduardo Stock da Cunha, is to sell as quickly as possible the financial institution, while minimizing loss of value, said today the president of Lloyds, Horta Osório.

“View-se- what will the administration of the New Bank considers it appropriate ‘timing’ in order to sell as soon as possible but at the same time, maximize the value to alleviate the loss, “said Lusa António Horta Osório, on the sidelines of an event in Lisbon.

“It is this line between being as soon as possible, but minimize the loss to other banks and therefore to taxpayers, which is the main objective of the initial administration New Bank “reinforced.

” The obligation of the law is to sell the bank until the end of next year. Obviously, the prime minister said that it is best to sell as soon as possible, and I think everyone agrees with that, but the law allows to sell by the end of next year, “said the chief executive of Lloyds Banking Group.

In fact, Stock da Cunha is part of the second largest British financial group, which is led by Horta Osório, who had already worked with the now president of the New Banco Santander Totta in Portugal, having accepted the challenge that has been launched by the Governor of the Bank of Portugal, Carlos Costa, and being to fulfill a service charge.

“I think Dr. Eduardo da Cunha Stock is the best people available to lead this process and therefore I welcome the choice of Mr. Governor of the Bank of Portugal. “, said Horta Osório

He concluded:” [Stock da Cunha] has nearly 30 years of experience in four different countries, in almost all areas of banking, and may contribute immense value in preparing this process, together with the team and the staff of BES , in my opinion, frames are exceptional. “

Horta Osório was speaking to Lusa on the sidelines of an initiative of the American Chamber of Commerce in Portugal, which took place this morning in Lisbon. The Bank of Portugal confirmed on Sunday that Eduardo da Cunha Stock was chosen to succeed Vítor Bento leading the New Bank, after the latter had asked to leave the office, just two months after being appointed.

On 03 August, the Bank of Portugal took control of BES , after the bank had submitted half yearly losses of € 3.6 billion, and announced the separation of the institution into two distinct entities.

called bad bank (‘bad bank’), a vehicle that keeps the name BES but that is settlement were concentrated toxic assets and liabilities of BES , as well as shareholders. In the ‘good bank’, the bridge bank which was called the New Bank’s assets and liabilities were not considered problematic.