Like a phoenix, Novo Banco rose from the ashes of Banco Espírito Santo (BES). One of the largest, oldest, and most reputable private financial institutions in Portugal, BES split in August 2014.
Administration under Ricardo Salgado committed 21 "wilful acts of ruinous management" between December 2013 and July 2014. With a €4.4 billion bailout from Portugal's central bank, Banco de Portugal, Novo Banco took over the healthy operations. Toxic assets and branches like BES Angola remained at BES - which was now labelled a "bad bank".
Novo Banco may not be your choice of bank if you're not planning to move to Portugal, but it makes sense to look into it if you are planning to re-locate to Europe, and good climate is a must.
Golden Service With The Golden Key Account
Novo Banco offers private, corporate and investment banking, asset management, and insurance. The hallmark of their business is the NB Golden Key Account.
Designed to make life easier, the NB Golden Key Account provides:
- Personalized Relationship Manager support in English, French or Chinese via telephone or e-mail
- Debit cards with no annual fees
- A free NB Gold Dual Credit Card (EAPR 14,8%) for qualifying members
- Account Statements and correspondence in English
- Free internet and telephone banking
- Free international transfers with competitive exchange rates
- Term deposits offered in EUR, GBP, SEK, NOK, DKK at competitive interest and exchange rates
- One free chequebook with 20 checks
More Than Banking Perks
Novo Banco is the go-to institution for mortgage loans in Portugal. Members receive health benefits through Seguradoras Unidas Insurance Company. This includes discounted services across the entire Luz Saúde hospital network and Algarve Private Hospitals in mainland Portugal.
Novo Banco will also cover the call-out charge for home medical services. Another great member perk is home technical assistance from plumbers, electricians, and other services. The call-out fee and up to 2 hours of labour are free on the first occurrence per year. Understandably, to enjoy these perks, you'd need to reside in Portugal.
Novo Banco offers help with acquiring residence permits in Portugal.
To get to know the country better, hotel and golf course discounts are available. They also partner with security and condominium management companies for your new home.