Several Portuguese workers will be able to receive a bonus equivalent to two salaries in May. This is an award for Novobanco employees, which will only be granted if the last formal steps linked to the sale of the institution to the French group BPCE are completed. According to a news portal, the bank’s management has already announced that there is an agreement for the payment of this premium, although the process still depends on some formalities.
The information was communicated by the bank’s executive president, Mark Bourke, during a meeting with the workers’ committee held this week. According to the same source, the workers’ representative structure later shared the details internally through its monthly newsletter.
Payment is associated with the financial institution’s sales process calendar. The portal writes that the final signing of the deal is scheduled for the end of April.
If this step is completed within the expected deadline, the bonus must be processed together with May salaries. According to the same source, payment is only dependent on the completion of the last administrative steps related to the operation.
Some formal steps remain to be completed
Before the sale is completed, there are still mandatory procedures linked to bank accounts. It is also known that it will be necessary to present the results and obtain approval of the accounts at a general meeting of shareholders.
The workers’ committee explained that “in order for the award to be processed, some formal steps remain pending, namely the presentation of the results and the approval of the accounts at a general meeting, with the signing of the sale, for the new shareholder, being the last necessary step”.
Shareholders meeting scheduled for March
One of the decisive stages takes place later this month. According to the publication, Novobanco’s general shareholders meeting is scheduled for March 23.
At this meeting, the accounts for the 2025 financial year must be approved. According to the same source, the bank recorded profits of 828 million euros in this period, a value that represents an increase of 11 percent compared to the previous year.
A prize claimed by workers
The awarding of this award was defended by workers from the moment the sale of the institution was announced. Employee representatives believe that the payment recognizes the role played in the bank’s recovery over the last decade.
Initially, the administration had decided to give an award only to management. The publication writes that, in the most recent conversations, Mark Bourke stated that “the award constitutes recognition at a specific moment, and should, therefore, assume a simple and transversal character for all workers”.
Financial impact and management remuneration
The works council estimates that paying this premium represents a total cost of around 25 million euros for the bank. The value arises in a context in which management remunerations were also disclosed.
According to the ECO, directors received performance bonuses of €3.7 million last year, an 84% increase on the previous period, while chief executive Mark Bourke received total remuneration of €2.26 million.
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