Outgoing executive president António Ramalho: Photo: António Cotrim/ Lusa

All change (again) at Novo Banco

With so many questions and so much controversy still attached to the subject of Novo Banco, the institution has today named the successor for executive president António Ramalho, who recently announced he would be quitting two years earlier than anticipated. In a communiqué sent to the Market Securities Commission (CMVM) the bank says it will be substituting Mr Ramalho with Mark Bourke, the bank’s financial director, who they describe as ‘ideal’ for the top job. Bourke has 20 years experience as both a CEO and CFO in regulated financial institutions, says the bank, and will ensure stability and continuity within the institution that has benefited from billions in taxpayers money and is now beginning to register healthy profits.