LISBON, Sept 13 Sat Sep 13, 2014 5:25am EDT
LISBON, Sept 13 (Reuters) - The executives charged with rebuilding Portugal's Novo Banco - the successor to Banco Espirito Santo after a state rescue last month - are likely to leave the bank soon following a clash over strategy with the central bank, a newspaper said on Saturday.
Weekly newspaper Expresso said, without naming its sources, that the Bank of Portugal was looking for replacements for Novo Banco chief executive Vitor Bento, financial director Joao Moreira Rato and deputy chief executive Jose Honorio.
Novo Banco and Bank of Portugal officials were not immediately available for comment.
According to the newspaper, the executives object to the central bank's plan to sell Novo Banco as soon as possible and are reluctant "to run a project that is not theirs".
The team, which took over Banco Espirito Santo (BES) in July, shortly before the Aug. 3 rescue, was also against the central bank-ordered split of BES into a good bank that is now Novo Banco, and a bad bank that inherited the exposure to the collapsed business empire of its Espirito Santo founding family.
Bento, a respected economist and business manager, was handpicked by Bank of Portugal Governor Carlos Costa to replace Ricardo Salgado, the patriarch of the Espirito Santo clan that founded the bank some 150 years ago.
The bank's new management and the Bank of Portugal have said they suspect illegal activity took place at BES, involving the financing of the troubled family businesses using money borrowed from BES clients.
The Bank of Portugal and the government arranged a 4.9 billion euro ($6.4 billion) rescue of BES last month, using mostly public funds from the country's international bailout, as well as other lenders' funds via Portugal's bank resolution fund. They want to sell Novo Banco quickly to recover the loans.
(1 US dollar = 0.7716 euro) (Reporting by Andrei Khalip; Editing by Mark Potter)
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