Portugal Probes Ex-Novo Banco Official’s Large Cash Bank Deposit

Police in Portugal are investigating the origin of large amounts of cash deposited in Portuguese banks by individuals linked to Novo Banco SA’s ex-chief risk officer Carlos Brandao, according to a person familiar with the investigation.

Authorities suspect the origin of the funds are linked to individuals in Guinea-Bissau, said the person, who asked not to be named because the investigation is confidential. Portuguese lender Novo Banco, which is controlled by private equity firm Lone Star, fired Brandao this month after identifying suspicious financial transactions in his personal sphere.

The Public Prosecutor’s office said in a statement on ...