Mark Bourke, a Director and the Chief Financial Officer of Allied Irish Bank since April 2014 is moving to Novo Banco as its Chief Financial Officer.
Bourke announced his departure from the Irish lender last week and will sign up with Novo Banco early in 2019.
It is not known if Bourke will be employed by Novo Banco or by its US owner, the vulture fund, Lone Star which was handed 75% of the troubled Portuguese lender in return for a capital injection.
Previous to banking, Bourke was a PwC partner before moving to the Irish financial group, IFG and then on to Allied Irish Bank, overseeing its turnaround into a "profitable and sustainable organisation," according to The Irish Times.
Novo Banco was created from the ashes of Banco Espírito Santo which went bust in 2014. The Bank of Portugal threw €5 billion of taxpayers' cash into the new entity which went on to make a loss of €1.4 billion in 2017, requiring an injection of €791 million from the Resolution Fund under the so called, 'contingency capital mechanism.'
Novo Banco returned to profits in the first quarter of 2018 but reverted to losses in June which are expected to continue to at least 2020, but there’s no worry for Lone Star's investment as Novo Banco can trigger public guarantees and injections of cash from the Resolution Fund, which never seems to have enough money, so borrows it from taxpayers.
Mark Bourke
