Spain’s CaixaBank holds 94% of BPI

Spanish lender CaixaBank  now holds 94% of Portuguese bank BPI after a stock shopping spree, the bank revealed on Sunday.

 

The bank now only needs the remaining 6% to own BPI lock, stock and barril. CaixaBank had strengthened its position earlier this month by buying shares in the insurance giant Allianz.

CaixaBank snapped up 440,000 shares on May 15, 17 and 18 corresponding to 0.03% of BPI’s capital paying an average €1.45 per share. The three purchase operations set the bank back €634,000.

“Following these acquisitions, CaixaBank how directly holds 1,376,803,974 shares, representing 93.883% of BPI share capital and 93.893% of voting rights in BPI” states a document published on the website of the Portuguese securities and market commission CMVM. 

CaixaBank has already signalled its intention to remove BPI from the Lisbon Stock Market (PSI-120).

The Banco Português de Investimento is Portugal’s fifth largest financial institution in Portugal with assets worth around €33Bn and a credit share of 9.2%. It serves around two million depositors. 

In 2016 BPI achieved its second best set of annual results since it was founded in Porto 1985, and the best annual results in eight years.  

In the first quarter of 2018 BPI raked in €210 million in net profits of which €118 million resulted from Portugal.