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New chairman named for Novo Banco

Novo BancoSA named António Manuel Palma Ramalho chairman of its board ofdirectors, effective Aug. 1.

The appointment was based on a proposal by the Portuguese Fundode Resolução and is subject to the approval of the .The role is currently held by Eduardo Stock da Cunha, who is due to to after servingat Novo Banco on secondment.

Ramalho is currently presidentof Infraestruturas de Portugal, a public company that manages Portugal's roadand rail infrastructure.