The new board of directors of Novobanco, led by Nicolas Namias as chairman and António Horta Osório as vice-chairman, is expected to take office on January 1st. The board restructuring aims to reflect the governance model of the new shareholder, Groupe BPCE, with the list of new members already submitted to the Banco de Portugal for fit and proper assessment. Sofia Cardoso de Menezes Frère, who spent nearly 30 years at Grupo Santander in Portugal, is expected to join Horta Osório on the non-executive team of the board.
The invitation to Horta Osório was extended by Nicolas Namias, president of Groupe BPCE. BPCE confirmed that it is analyzing different options to align Novobanco's governance with best market practices in Portugal, reinforcing its support for the strategic development of the institution. The process will have no impact on the continuity of Mark Bourke as CEO of the bank.
The appointment of Horta Osório, a Portuguese banker with the most distinguished international career to date, is well viewed by competitors. The president of BCP, Miguel Maya, publicly praised António Horta Osório, stating that Novobanco will become stronger with his arrival.
Horta Osório has never left the financial sector. He is currently non-executive vice-chairman of the French bank CCF, owned by Cerberus Capital Management, where he serves as senior consultant. He is also a member of the supervisory board of Poland's VeloBank, which acquired Citigroup's retail business in Poland, while also holding positions as senior consultant at Mediobanca and asset manager Precision Capital.
