Former BNU head turned down for Bison Bank CEO

Pedro Cardoso

The former Banco Nacional Ultramarino (BNU) Chief Executive Officer, Pedro Cardoso, has been appointed to head the International Branch of Chinese Bison Capital owned Bison Bank, the Portuguese economy specialist “Jornal Economico” reported.

According to the media outlet, Cardoso’s name was previously on a shortlist to be the new CEO of the bank, but the company decided to turn down Cardoso in favor of Bian Fang, in the list that was sent for approval of the Portuguese banking regulator Banco de Portugal.

This decision has been reported by the newspaper as occurring due to “fears that the Portuguese regulator would not accept the proposal due to an audit that was being carried out on the accounts of Caixa Geral de Depósitos (the owner of BNU), that pointed out a series of decisions from Cardoso that led to losses to the bank.”
In a statement, Bison Bank acknowledged the change and stated that it was justified in light of “the increasing challenges and complexities in the relation between China and Europe in the financial sector, especially in the area of investment banking and asset management.” The bank noted in the same statement that it decided to nominate Cardoso to lead the international branch of the bank instead.
RM

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