Novo banco, based in Lisbon, is the largest, privately-held Portuguese bank. The company’s origins can be traced to Jose Maria de Espírito Santo Silva who established a foreign exchange business in the second half of the 19th century. Novo Banco was officially established in March 1920, grew rapidly, and currently has nearly 10,000 employees and operates in 24 countries and 4 continents. Within Portugal, Novo Banco operates the largest single integrated financial group with 479 locations. Novo Banco has the highest rating among Portuguese banks most noticeably by Standard and Poor’s and Moody’s, and it is the most profitable bank in Portugal with 2.320 billion in revenue (2010). Need for mobile Due to the sovereign debt crisis, which resulted in a rise in foreclosures and the bank

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