Rodrigo Gatinho / Portugal.gov
Paulo Macedo, president of CGD.
The national banking market is in a policy with the possibility of Caixa Geral de Depósitos (CGD) to acquire the new bank. The scenario is, for now, merely speculative, but raises strangeness and warnings.
The news that the government would be interested in CGD to advance to the purchase of Lead Banco de Portugal (BDP) to launch notices for the risks of the operation.
“It’s a business decision with Systemic consequences which must be analyzed, ”said the governor of the BDP, in statements to the reuters that are cited by the.
Highlights that any banking concentration operation has to be analyzed with “care and caution”.
The five largest banks that act in Portugal, already control more than 80% of assets.
Moreover, Centeno recalls that there were mergers that ran badly in the past, and warns that “ Sector Stability It requires that your interveners are also stable. ”
“Strange having a public bank buying” Novo Banco
About an eventual, CEO of Santander Portugal, Pedro Castro and Almeida, mentioned what “there may be several interested”, but excluded his institution of the race. “We follow our way,” he said.
Regarding a possible interest of Caixa in the acquisition, “It is still strange a public bank buy the fourth largest player and get more than one third”From the market, highlighted Castro and Almeida.
Santander’s CEO also noticed that the Portuguese should realize “if they want to have a third of the financial system concentrated in a public bank“.
State holds 25% of the new bank
An eventual sale of the New Bank will have to go through the competition authority or the Directorate General of Competition of the European Commission.
Europe is experiencing a context of Bank acquisitions and mergerswith some of the market players betting on increasing the scale to become more competitive.
In the case of Novo Banco, there will be plans for the scholarship with the placement of 25% a 30% do capital. But direct sale of the bank may also be on the table.
O State can sell the 11% that has directly in Novo Banco, and more 14% that holds through the resolution fund.
The biggest shareholder of the new bank is the American fund, which holds 75% do capital.
