Novo Banco's business won't be affected by the alleged misconduct that led it to dismiss its chief risk officer and the Portuguese bank remains focused on pursuing its strategy and delivering sustainable earnings,

Portugal's Novo Banco has dismissed its chief risk officer Carlos Brandão following an internal investigation into suspicious financial transactions in his personal dealings, with the matter now under

Italian lender Banca Ifis has launched a €298mn tender offer to acquire its domestic rival Illimity Bank. The offer, launched on Wednesday, values Illimity shares at €3.55 each, representing a 5 per cent premium over the previous day’s closing price.

Portuguese bank Novo Banco, S.A., fired Chief Risk Officer Carlos Jorge Ferreira Brandão "with just cause" after an internal probe discovered "suspicious financial transactions" in his sphere.