Portuguese government sets price of shares to be sold in Cabo Verde bank

5 December 2019

The price of the shares and the selection of those interested in the sale of Caixa Geral de Depósitos’ stakes in Cabo Verde’s Banco Comercial do Atlântico will be set by the Portuguese Secretary of State for Finance, on behalf of the Minister of Finance, according to a statement released in Lisbon.

The Minister of Finance, Mário Centeno, delegated powers to the Deputy Secretary of State and Finance, Ricardo Mourinho Félix, to “set the unit price for the sale of the shares, to select the interested parties that are part of each phase of the process, as well as approve the minutes of the legal instruments,” set out in the law, according to the official order.

The sale of CGD’s stake in Cape Verdean bank BCA was published in Portugal’s state bulletin, Diário da República on 27 September by a decree stating that “the disposal of Banco Comercial do Atlântico does not affect the strategy of the international presence of CGD in Cabo Verde, which will continue to be provided through Banco Interatlântico, which was founded following the transformation of the branch of CGD in Cabo Verde into a bank governed by local law.”

The decree added that Banco Interatlântico, in which the Portuguese group holds a 71% stake, will remain “unchanged, especially with regard to its function of supporting the internationalisation,” of Portuguese companies.

The sale of CGD’s operations in Cabo Verde, Spain, South Africa and Brazil was agreed with the European Commission in 2017 as part of the recapitalisation of the public bank. (Macauhub)