The state becomes the second-largest shareholder of Caixa Económica de Cabo Verde bank

30 January 2020

The State of Cabo Verde has acquired all of the shares held by Macau investment company Geocapital in Caixa Económica de Cabo Verde (CECV), becoming the second-largest shareholder in the bank with a stake of 27.44%, according to information disclosed in Praia.

The National Institute of Social Security remains the largest shareholder of CECV, with 47.21%, representing 657,200 shares, while the remaining capital is in the hands of postal company Correios de Cabo Verde (15.14%) and other subscribers and workers, with the remaining 10.21%.

The Cabo Verde government announced in July 2019 that the State would acquire the shares held by Geocapital in Caixa Económica de Cabo Verde, whose acquisition by International Holding Cabo Verde had been approved by the central bank in May, with the aim of transforming the country “into a financing platform.”

The Bank of Cabo Verde (BCV) reported on 3 May it had approved the acquisition of 27.44% of the shares of Caixa Económica de Cabo Verde by International Holding Cabo Verde (IHCV), from Spanish businessman Enrique Bañuelos de Castro, noting the move would ensure “sound and prudent management’ of the bank.

Caixa Económica de Cabo Verde was founded on 18 May 1928 under the name Caixa Econômica Postal, and was transformed into an autonomous financial institution in December 1985. (macauhub)

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