Stock da Cunha: “There is still clean enough” bad inheritance BES – TVI24

First to Stock da Cunha, “a major victory” was the New Bank survive. Then, believes that the bank can be sold well and can be profitable in 2018. As for the BES heritage, the thing is different: there is still much to clean, admitted in an interview with newspaper business.

“the work is started, but lack clear yet enough. When I say clean means managing situations. These are situations with which we have to live long “

credits matrioskas , hidden credits admitted can be considered as such, they were and are some of the problems. Although there were “widespread” Stock da Cunha gave the example of business solutions aimed at immigrants and a group that did not specify, saying only that in question were “large customers”.

“It took almost a year to find out exactly all this credit relationship because we had the asset management units and safe drive some investment vehicles, who had other investment vehicles, which in turn had other investment vehicles … we had to go down four or five steps on the layer to find out what’s there. “

what is done

As for other accounts, the first quarter, explained that had a amount of provisions “significant 185 million, only to credit” . And “probably” is what will happen in the second quarter. “We are managing much better operational profitability,” he says. “Operating income already gives in 2015 were 125 million, this year more than double the value.” Profit is not, but his estimate is that the institution has returned to that level in less than two years.

In the process of transformation of the New Bank in strategic terms the execution is 80%. “Lack define very little Basically what is the role that Spain, which both with regard to asset management unit and the insurance company -.. Was sold to a specialist in the sector with distribution agreement in terms of infrastructure structure, we are almost 90%. “

” the NB is one of the most competitive banks in operating costs. on August 4, still BESI, NB spent 1,025 million euros per year. it is to spend, on an annualized basis, less than 600 million, down 40%. the number of people fell 30%. in terms of implementation, we are below 50%. Lack run “.

what remains to be done

When you say” run “gives as an example the New Bank Asia, which is for sale. Then, “the process of the famous BICV of Cape Verde in progress” and BES Vénétie. In all these cases, expects to sign purchase and sale agreements before the end of the year. Furthermore, there are mutual funds that you need to merge and, in terms of real estate, there was a cash inflow of 250 million in the first six months of the year.

Ahead of New Bank since September 2014 return soon to Lloyds. Without selling the institution? Stock da Cunha argues that was not what took integrate the New Bank, but to create value. And out of conscience:. “When I refer to the bank survived and it was not provided on day 1, the answer can only be positive”

And understand that the bank has not lost value, although already has spoken at a future sale of 4,900 million channeled, but now the aim is to sell without having to inject more money.

“I do not think there deterioration of value. There is the finding of two things. the first is that the bank had a much weaker starting point than what is known. the second is that there was a major deterioration of the market. what bank in Iberia not lost value between 2014 and 2016? “

in the same interview Stock da Cunha acknowledges that learned to manage” in extreme stress “in the New Bank that will “well equipped” to Brexit on his return to London City.