How to open a bank account in Novo Banco SA

• the bank opens checking and savings accounts;
• there are no restrictions on turnover and types of activity for current accounts;
• there are no requirements for the amount of the initial payment;
• an account can be opened at the GSL office, you can meet with the banker later;
• the term for opening an account – case by case (check with the consultant);
• currently the bank specializes in the local market and does not open accounts for foreign companies, BUT exceptions are possible.

On 30 July 2014, Banco Espirito Santo SA announced a record half-year loss. A rescue plan has been proposed under which the bank’s general activity and assets are to be transferred to the new structure called Novo Banco, which will also receive an injection of capital, while the toxic assets will go to another structure.

Nothing will change for individual clients whose deposits will continue to be serviced as usual.

A visit of a European banker who agrees to open trading accounts for offshore companies of Russian clients, without restrictions on turnover or types of business…

Until recently we thought it possible in a Cyprus or a Baltic bank only. But it looks like the Eurozone recession made financial institutions from other jurisdictions cast theirs eyes on Russia too.

Banco Espirito Santo is Portugal’s largest private bank, with subsidiaries, branches, and representative offices in 23 countries. It offers to Russian businessmen both trading and savings accounts in its Madeira branch.

This offer came from the head of the branch who has been in charge of the branch for the past quarter of the century since its setup, which makes one take such words seriously. Talking to him made us feel that the bank is ready to get to the heart of the problems faced by our Russian businessmen and to discuss options and to compromise, which you do not often see in Western European banks.

It should be noted that until recently the bank had never worked with Russian clients (except for a very few Russians who have real estate in Madeira). However, the bank’s reasonable staff and terms of business comparable with others on the market, coupled with the option of remote account opening, make this offer if not exciting, then at least worthy of a very close look