Banco Novo´s new management has commissioned an advertising campaign for its new corporate image - starting next Friday.
The branch image will change from the old BES livery to Novo Banco´s over a short period of time as Vitor Bento is keen the shed the burdens of the past with a new look.
Bento is continuing to work on a strategy to save the bank which despite €4.9 billion in rescue financing has ended up with the Portuguese taxpayers being exposed to €10 billion or more of liabilities. The advertising campaign will run on radio and in the press shortly, with the change of colour in all branches coming within a two month period as agreed with the regulators to make the old BES disappear.
The new bank has not ditched the old agency as the campaign will be organized by the agency BBDO that had the Banco Espírito Santo account.
On August 3, the Bank of Portugal took control of BES and announced the separation of the institution into a good bank and a and bank.
The bad bank holds the toxic assets and liabilities of the old BES, has no banking license and is in liquidation. Its 30,000 shareholders are likely to lose all.
Comments
maybe new branding is the least of new BES's problems.
More likely to be broken up and sold on to other banks in the next 6 to 9 months. For example - Deutche Bank is apparently intending to grow here - using ex-Barclays Bank staff.
And how does new BES poach back its old clients who fled to Caixa Geral etc ?? Crazy high rates of return - which hooked the old BES investors into paying off GES debt; will not work twice.
And, which will need paying back as they were mis-sold. That said - Does words like 'mis-selling' translate into Portuguese and is it seen as wrong - even illegal ??
Many of us Brits would say a loud NO!