The BCP has informed the Minister of Finance, João Leão, that he is available for a merger with Banco Montepio, if there is a need for intervention in the institution chaired by Pedro Leitão, the weekly Expresso reported on Saturday.
The cabinet of the Minister of Finance, João Leitão, confirmed to the weekly the existence of meetings with the management of the BCP, denying that they had taken place to address the issue of a merger due to possible problems of the bank owned by Associação Mutualista Montepio Geral and that will face a restructuring process.
The standoff between the auditor and Montepio delays the closing of accounts
The finance ministry confirmed a meeting with the BCP on Thursday, adding that the subject discussed was the extension of the credit default, approved this week in the Council of Ministers. The bank has not commented on the matter.
Banco Montepio announced in June that it would begin a restructuring process and in recent days it has been reported that it is preparing for a reduction of 800 workers. According to the online newspaper Eco, this plan to reduce the workforce (around 20% of employees) will cost around 80 million euros.
Expresso notes that the management of BCP had already shown an openness to a possible consolidation operation in the presentation of the accounts in July.
On this occasion, the president of BCP, Miguel Maya, declared, regarding a hypothetical purchase of Novo Banco, that it was not envisaged to develop by acquisitions, but that it was “the duty of a diligent management. »To look into the transactions that have occurred in the market.
BCP abandons the contingent capitalization process at Novo Banco
BCP is 27.25% owned by the Chinese group Fosun. The Angolan oil company Sonangol holds 19.49% of the capital, followed by the North American fund Black Rock, with 3.39%, and EDP, with 2.06%.
As for the restructuring of Banco Montepio, Expresso notes that the National Union of Banking Personnel and Technicians (SNQTB), the Independent Banking Union (SIB) and the Union of Northern Bankers (SBN) met on Wednesday with Pedro Leitão , which confirmed the existence of a staff reduction plan, without giving details on the size.
The restructuring “includes an extended plan for early retirement and termination of employment contracts by mutual agreement [RMA]”Until 2021, revealed the unions, who consider the situation” very worrying “.
Expresso adds that the restructuring plan will only have been approved by Montepio’s executive committee and not by management, where the shareholder is represented, and which has already been admitted to Banco de Portugal.
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As to whether it has been informed of these plans and of any future capital requirements for Banco Montepio, Associação Montepio replied that it “follows the life” of the institution, but that there are ” questions which fall under the management of the bank and its regulator ”.
“The adjustment processes, their implementation dynamics and the associated impacts are, however, defined and guided by respect for the values that inspire the Associação Mutualista and the whole of the Montepio Group, guaranteeing, as such, special attention. to the people and to the necessary conditions of acceptance and satisfaction, ”he added.
And concerning the possible capital needs, the association chaired by Virgílio Lima told Expresso that “it follows the study of the needs and that there are solutions which involve the optimization of the existing capital in the regulatory context”.