Novo Banco drops CR7’s advertising contract “to save money”

Portuguese football star Cristiano Ronaldo will no longer be starring in commercials for Novo Banco, saving the institution that morphed from the ashes of BES €750,000 a pop.

The decision, prompted by Novo Banco’s need to rein in expenses gives Ronaldo – one of the faces of BES for a decade – the chance to consider whether promoting Portuguese banks is a move he should be making at all.

Certainly for the time being the Real Madrid star is not involved in publicity for “any Portuguese banking institution”, reports tabloid Correio da Manhã this morning.