Portuguese state-owned bank Caixa Geral de Depósitos (CGD) will
sell one of its two banks in Cabo Verde (Cape Verde), and it has yet to decide
whether it will be Banco Comercial do Atlântico or Banco Interatlântico, the
chairman of the bank said on Friday in Lisbon. CGD is present in Cabo Verde
through Banco Comercial do Atlântico, the market leader in the archipelago,
with a 52.5% stake, and Banco Interatlântico, where it controls 70% of the
capital stock. The Finance Ministry
announced on Thursday in Lisbon that CGD will have to reduce its presence in
Cabo Verde and Mozambique by the end of 2020, under a review authorised by the
European Commission of the bank’s 2017/2020 Strategic Plan. Paulo Macedo said
the aim is to streamline the operation in the Cabo Verde archipelago by
focusing on a single bank, “rather than looking for a significant financial
return.”
In relation to the operation in Mozambique, Paulo Macedo said on
Monday that the objective is to reduce the stake in Banco Comercial e de
Investimentos (BCI) from 61.5% to the 51% held before the departure of
Mozambican group Insitec, and with this in mind there would be talks with
partner Banco BPI, which holds a 35.67% stake in the bank. The chairman of CGD said that the sale of
operations in Spain and South Africa is already underway, and the deadlines for
binding proposals are running. The
Portuguese government selected Spanish banks Abanca Corporación Bancaria
(present in Portugal with the brand Abanca, after buying the Deutsche Bank
operation), Banco de Credito Cooperativo (established in 2014 by 32 regional
savings banks) and US investment firm Cerberus European Investments to submit
binding proposals for the purchase of CGD’s bank in Spain. In South Africa, the government selected four
entities, including two consortiums, to buy Mercantile Bank. Regarding the sale
of the operation in Brazil, Macedo said that a timetable for the process would
be released soon, but added that “there needs to be demand for a timetable to be
set.”
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