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Press Release of Banco de Portugal on the change of the Board of Directors of Novo Banco

Following the decision announced by Vítor Bento, José Honório and João Moreira Rato to resign as members of the Board of Directors of Novo Banco, the Resolution Fund and Banco de Portugal wish to thank the whole Board of Directors in office for their availability to ensure the stability of the institution during the first weeks after the resolution measures applied to Banco Espírito Santo (BES). Vítor Bento, José Honório and João Moreira Rato were appointed members of the Board of Directors of BES by cooptation, to implement a project that was invalidated by a BES resolution. Nonetheless, they accepted to carry out functions in the Board of Directors of Novo Banco, in spite of the different mandate.

Throughout the whole process, the Resolution Fund and Banco de Portugal have prioritised safeguarding the interests of Novo Banco's depositors, its employees and the financial system. This requires that within the shortest possible time Novo Banco may count on a stable shareholder structure to develop a project that will create value for the bank, its employees, the financial system and domestic economy.

The new Board of Directors of Novo Banco, which will be announced as soon as the required procedures are concluded, will ensure the implementation of the development process and the creation of value for the bank.

Lisbon, 13 September 2014