José Maria Ricciardi has left Haitong Bank with its Chinese owners preparing to announce several more top level changes. The news of Ricciardi's exit was communicated on Friday 9th December to the Comissão de Mercado de Valores Mobiliários (CMVM).
Haitong Bank already had given signs that it intended to present a new management team to the regulator by the end of this year but the reasons behind Ricciardi’s abrupt departure are not yet known, nor is it known whether he is leaving of his own volition.
One of the changes that the Chinese group wants at Haitong is a significant reduction in the number of administrators with the rumour that chairman Hiroki Miyazato also is to move on from the Chairmanship even though he is taking over Ricciardi's role as CEO in the meantime. Pedro Rebelo de Sousa, a former non-executive director of Caixa Geral de Depósitos, is in the frame for the top job at Haitong as is current board member, Paulo Martins the bank's Golbal Head of Investment Banking.
On December 8th, 2014, Novo Banco sold Banco Espírito Santo de Investimento (BESI) to Haitong in a €379 million deal. The Chinese company issued a statement saying the purchase would "strengthen the internationalisation of the company's business strategy and expand its geographic coverage."
In September, 2015, the sale was completed and the BESI name was changed to Haitong Bank as the new owners were Haitong International Holdings Limited.
"After 24 years at BESI / Haitong Bank and 14 as its executive president, I made the decision to start a new professional project and give way to a new leader at the Bank," said Ricciardi in a letter sent to Haitong employees.
"Throughout all these years, I am proud to say that I contribute with all of you to raise BESI / Haitong Bank as the undisputed leader in Investment Banking in Portugal and Spain," continues Ricciardi, an Espírito Santo family member and cousin of failed banking and property magnate, Ricardo Salgado.
The government sale of Novo Banco will be settled by the year end and as José Maria Ricciardi already has said goodbye to colleagues at Haitong Bank, saying he will start a “new professional project,” it is feasible that he will take over at Novo Banco if the bid by Minsheng is successful - one of the final two offers being mulled over by the Bank of Portugal's advisor.
Haitong has been advising Minsheng on its bid for Novo Banco so Ricciardi is in a good position to put himself forward as the bank’s new leader.
Another possibility is that Ricciardi is to engineer a ‘family deal’ with the two companies that control the Comporta estate and take over this luxury development that could restore some wealth to certain Espírito Santo family members.
Ricciardi at Haitong has been advising the Luxembourg administrator selected to wind up Rioforte, which controls the Comporta companies, and successfully has rebuffed full offers from outsiders in a blatant effort to allow a low bid that then can be matched by Espírito Santo family members under an old clause in the company's articles of association.
Ricciardi and Ricardo Salgado fell out long ago and for Ricciardi to regain control over Comporta, the ‘jewel in the crown’ of the collapsed Espírito Santo Group empire, or indeed to end up running Novo Banco, formerly Banco Espírito Santo, this will turn the current bad feeling between the cousins into a feud.
See also:
Espírito Santo clan fights to keep control of Comporta Estate - whatever it takes
Insider deal aims to secure Comporta estate for 'clan' members
