Open a Corporate Account at Novo Banco

Novo Banco (novobanco) is a Portuguese commercial bank founded on 4 August 2014 by the Central Bank of Portugal on the basis of the "good assets" of the bankrupt Banco Espírito Santo (BES). Today, it is the fourth largest bank in Portugal, with assets of about €42 billion, a customer base of 1.6–1.7 million people and a market share of about 9%. Since its creation, the bank has received international recognition, including being awarded the "Bank of the Year in Portugal" award by The Banker (Financial Times) for 2023.

Services and areas of activity

Novo Banco offers a wide range of services for individuals and corporate clients:

• Retail banking: current accounts, deposits, cards, loans and payments.
• Corporate and international banking, as well as asset management and investments.
• Strong position in Trade Finance — about 20% of the market, as well as a significant share in the SME segment — small and medium-sized businesses are supported by about 58%.
• Digital transformation: system solutions from Fiserv for modernization of payment infrastructure, implementation of omni-channel platforms and real-time banking.
• Use of artificial intelligence for risk assessment, fraud prevention and personalization of customer experience.
• An extensive ATM network is one of the most functional in Europe: services from bill payment to ticket purchase are available without commission.

Partners and support

• Fiserv is a key technology partner in the field of payment platform modernization.
• Strands — a partner in digital solutions for SME, helped build the BFM business financial platform within Nbnetwork+.

The bank's strengths

• Strong capitalization and renewed profitability: after a loss in 2020, the bank returned to profit with 610 million euros in the first 9 months of 2024 alone.
• High equity capital (CET1 ~20%).
• Potential IPO and dividend policy after the end of restrictions.
• Awards, multi-channel approach and innovative service.

The bank is stable: it has restored the NPL ratio from 12.3% (2017) to 1% (2022), reduced costs, optimized the service network. It is aiming for an IPO and the lifting of the dividend ban, which could improve financial stability and improve investor confidence.

Opening an account with Novo Banco can be a profitable solution for both private clients and businesses, especially given the bank's extensive digital infrastructure and strong position in the Portuguese market. However, for foreigners and companies unfamiliar with the local banking system, the registration process may be complicated due to the language barrier, specifics of compliance checks and document requirements. Here, IT-OFFSHORE, a company specializing in supporting the opening of accounts in European banks, including Novo Banco, comes to the rescue. IT-OFFSHORE experts will help prepare a full package of documents, take into account all the bank's requirements, organize remote interaction and reduce the registration time. Thanks to this approach, clients gain access to the financial opportunities of one of the largest banks in Portugal without unnecessary delays and bureaucratic complications.