Portuguese group CGD sells stake in Cape Verdean bank

28 December 2018

Portuguese banking group Caixa Geral de Depósitos (CGD) plans to sell its stake in Cape Verdean bank Banco Comercial do Atlântico (BCA) and remain in Banco Interatlântico (BI), the chief executive said in Praia.

Paulo Macedo travelled to the capital of Cabo Verde (Cape Verde) for a working visit and to inform the Cape Verdean authorities of the decision to divest the 52.5% stake in BCA.

The CEO of the Portuguese state financial group justified the decision based on the need to rationalise CGD’s presence in the archipelago’s banking sector, according to the Inforpress news agency.

The possibility of a merger has been ruled out, as, according to Macedo, it would lead to the possible dismissal of workers and CGD has instead opted for the sale of BCA, and to remain in BI, which is a bank focused on companies.

“As we see it BCA is a thriving bank, focused on the general Cape Verdean economy. It’s a more inward-looking bank, while Banco Interatlântico is a bank for companies that we want to be increasingly outwardly focused,” said Macedo, after a meeting with Prime Minister Ulisses Correia e Silva.

Banco Atlântico’s main shareholders are CGD with 70% and Empreitel Figueiredo with 11.11%, Sita with 5.45% and Adega with 6.43%. (macauhub)