How to open a bank account in Novo Banco SA

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

October, 2011

Last contact

October, 2022

Last update

September, 2022
  • 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

GSL rating
Beginning of cooperation
October, 2011
Last contact
October, 2022
Last update
September, 2022
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General information and rating

193
Global rating
3
Countrywide rating
2
Countrywide rating of the head bank
170
Global rating of the head bank
Year of foundation
1920
History
The bank was founded in 1920 following the transformation of the banking house of the same name, which in turn had come into being by merger of several financial structures created by José Maria do Espírito Santo e Silva in the second half of the 19th century. The bank has been listed on the Portuguese stock exchange since 1991. In July 1999 the name was changed to the current one. The bank merged with Banco Internacional de Credito SA in December 2005. Since 2007 it has been the only Portuguese bank included in FTSE4Good Index. As of September 2011 the bank ranks second in Portugal in terms of net asset value (EUR 80.2 billion) and number of clients (2.1 million all over the world). The bank accounts for 20.3% of the Portuguese financial services market. The bank has subsidiaries, branches, and representative offices in 23 countries. Its main investments are concentrated in Brazil, Spain and Angola. 30 июля 2014 года Banco Espirito Santo SA сообщил об убытках и активы были переданы новой структуре - Novo Banco
Personnel
The bank has about 4 150 staff. The staff is mainly English-speaking
Bank’s shareholders
There is one only shareholder, called " Fundo de Resolucao", a state owned fund with a share capital of 4.900MEuro and a Ratio Commom Equity Tier 1 of 8,5%, above the minimum requirements of 8%
Confidentiality
Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed; Active member of OECD, FATF, Basel Commitee, Egmont Group etc.
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    Minimum requirements

    0
    Minimum balance, €
    No restrictions
    Transactions permitted per month
    0
    Initial deposit of funds, €
    No restrictions
    Deadline for the initial deposit, month
    Minimum balance, €
    For savings accounts – EUR 350 000. For trading accounts – NO MINIMUM BALANCE
    Transactions permitted per month
    For trading accounts, there is no restriction on the number of transfers
    Initial deposit of funds, €
    The initial deposit can be any amount
    Deadline for the initial deposit, month
    For savings accounts, the initial deposit can be made within 1 year. For trading accounts, there are no deadlines
    Minimum turnover, €/year
    The Bank does not set requirements for the minimum annual turnover
    How fast payments are executed
    2 days, same-day payments are available. The cut-off time is 13.00 local time

    Tariffs and services

    125
    Outcoming transfer, €
    10
    Incoming transfer, €
    78
    Account maintenance, €/year
    5 000
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    The fee on outgoing transfers to Eurozone of up to EUR 50 000 – EUR 3.75 EUR. The fee on all other outgoing transfers – 0.25% of the transferred amount, but not more than EUR 110. The same-day transfer fee – EUR 22.5
    Incoming transfer, €
    The fee on incoming transfers of up to EUR 50 000 - 0%. The fee on incoming transfers of over EUR 50 000 – EUR 10
    Account maintenance, €/year
    Account maintenance fee: up to EUR 2,500 on the account - EUR 78 per year; from 2,500 to 10,000 EUR on the account - 60 EUR per year; more than 10,000 EUR on the account - free of charge
    Payment limit for credit cards, €/day
    The bank by default sets a payment limit of EUR 5 000 per day, but this can be changed by the client
    Funds to be blocked for CC issue, €
    Insurance coverage is twice as large as the payment limit
    Distant access to the account
    The account is operated with the help of code cards. The bank also offers the service of sending an SMS with an authorization code for each transaction. The fee – EUR 8.5 per month
    Financial products
    The bank provides a wide range of banking and financial services, including retail and corporate banking, private banking, asset management, investments and loans
    Credit/debit cards
    VISA, Mastercard
    Hold mail
    The fee for holding bank statements at the bank is EUR 100 per year

    Account opening procedure

    Days to open for incoming transfers
    case by case
    Days to open for outcoming transfers
    case by case
    References
    Not necessary
    Purpose of the account
    Savings & current
    Visit to the bank
    Not required, but it is recommendable to have a meeting with the banker on his next visit to Russia (3 or 4 visits per year)
    Required
    An apostilled set of constitutive documents, an apostilled certificate of good standing, copies of passports of the beneficial owner and account signatory
    Types of accounts
    Savings; Current
    Opening procedure and Due Diligence
    It is possible to open an account without visiting the country where the bank is located; It is possible to open an account without meeting the banker
    Chances to open an account
    Predictable
    Business description
    The bank requires a business description of the company which applies for account, source of beneficial owner’s funds, estimated annual turnover of accounts and estimated number and amount of transactions

    Banks of Portugal

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
    3 030
    N/A
    N/A
    1 820
    193
    3
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