Banks controlled by foreign investors or where their capital is preponderant represent more than 60% of the Portuguese banking system, both in assets and in liabilities, according to Lusa calculations with APB data.
These accounts were made from the latest banks balance available on the Portuguese Banks Association () website for June 2024.
According to Lusa calculations, banks detained or controlled by foreign capital (in which BCP, Santander Totta, Novo Banco, BPI, BPI, but also Bankinter or Abanca) represent more than 60% of the total banking system and total liability.
Banks’ asset adds credit to customers (the main heading), but also investments in other banks and financial instruments such as actions and obligations. Already the bank liabilities adds the responsibilities that banks have to third parties, from the outset the deposits.
These data indicate the reinforcement of foreign capital in the Portuguese banking system in almost 10 years, as in 2016 foreign capital banks represented about 50% of the banking system (below the current 60%).
Currently, the main banks to operate in Portugal are Caixa Geral de Depósitos (fully detained by the Portuguese State), BCP (the main shareholders are Chinese Fosun and Angolan Sonangol), Santander Totta (detained by the Spanish group Santander), The Novo Bank (75% detained by the US Fund Lone Star) and the BPI (detained by the Spanish Group Caixabank).
In medium dimension banks stand out the Portuguese Agricultural Credit and Montepio and then the Spaniards Bankinter and Eurobic Abanca (transient brand after the Spanish group Abanca bought Eurobic).
In the Portuguese bank is traditional the predominance of Spain, but its weight has reinforced in the last decade. In June 2024, banks with Spanish capital accounted for almost 30% of the total.
To this end, it contributed, in particular, the control of BPI by CaixaBank (in 2017, under the public acquisition), but also the integration of part of the operation of BANIF (in the resolution) in Santander Totta and the entry into force In Bankinter’s Portuguese market (in 2016 bought part of Barclays’ activity) and Abanca (in 2018 the group of multimillionaire Juan Carlos Scotet bought the deutsche Bank retail and concluded in 2024 the acquisition of Eurobic).
On the other hand, Angolan capital was reduced in the Portuguese board, especially due to the divestment of businesswoman Isabel dos Santos (daughter of former president of Angola José Eduardo dos Santos) involved in various court proceedings.
The ‘holding’ Santoro (from Isabel dos Santos) left BPI in 2017 during CaixaBank’s OPA and last year, the sale of Eurobic (bank that was dominated by Isabel dos Santos) was realized.
Already the participation of the Angolan Oil Sonangol in the BCP has been maintained in recent years, being the second largest shareholder (with 19.49% of the share capital).
As for China’s investors in the Portuguese bank, almost 10 years ago, they took the prices the ‘discount’ as an opportunity to enter Europe and have since been discreet.
The Chinese group Fosun entered the BCP in 2016 and became the largest shareholder this year. Since then, Fosun has reduced the position but remains as the main shareholder (with 20.03%). Before, in 2015, Haitong group had bought BES Investment, now called Haitong Bank.
Finally, US capital is present through the New Bank. The institution born in 2014 in BES resolution has been arrested since 2017 by 75% by the Lone Star investment fund. The remaining 25% are from the Portuguese state.
Lone Star wants to sell Novo Banco and is ongoing preparations for scholarship this year.
In either case, the sale of Novo Banco (for its weight in the Portuguese banking system) will lead to a major change in the national board landscape in the medium term.
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