Meeting of the APB General Assembly

3rd October, 2014

Yesterday's General Assembly of the APB make the following decisions:

• The cessation of Banco Espírito Santo's APB membership was recognised, as a result of its being banned from receiving deposits or granting loans. Although it has retained its banking licence, it is not allowed to perform any of the essential banking activities and therefore does not meet the requirements for APB membership. The APB's members also considered that there might be further developments in the situation, depending on decisions made by the authorities.
  
  
• Novo Banco was admitted as an APB member, subject to confirmation.
  
  
• Banco BIG was elected as a new member of the board and will be represented by Carlos Rodrigues, for 2012 to 2014, in view of the departure of Banco Espírito Santo.
  
  
• The following changes were made to the APB Disciplinary Council.  Álvaro Nascimento, Chairman of the Board of Directors of CGD, was elected as Chair, Bernardo Meirelles do Souto, CEO of Deutsche Bank, as Substitute Chair and Maria Cândida Rocha e Silva, Chairwoman of Banco Carregosa, as a member.

Portuguese Banking Association