Banco Montepio sells Montepio Valor to Associação Mutualista
Portugal’s mutualist bank Montepio has sold its total capital share in Montepio Valor to the Associação Mutualista Montepio Geral for €3.7 million.
The impact on the bank’s accounts and capital ratio for this change of hands within the same group is zero, according to a communiqué sent to the Portuguese stock market commission CMVM.
The notice read, “Caixa Económica Montepio Geral Caixa Económica S.A. (Banco Montepio) informs that on 30 December 2021 its subsidiary Montepio Holding SGPS, S.A. sold 310,000 (three-hundred and ten common and nominative shares, representing 100% (One-hundred percent) of the company capital and voting rights of Montepio Valor – Sociedade Gestora de Organismos de Investimento Coletivo, S.A. (“Montepio Valor”).
“Montepio Valor is a Sociedade Gestora de Organismos de Investimento Coletivo (SGOIC) – a collective investment management company which manages real estate investment funds, which has now been sold to the Associação Mutualista Montepio Geral, which is the majority shareholder of Bank Montepio, for €3.73 million, “corresponding to a 4.3% market share”.
This sale to the holding company is justified because it simplifies the company’s structure and focus of the bank’s operations. “The completion of the operation achieves Banco Montepio’s strategy to simplify the group’s structure, maintaining focus on the bank’s domestic banking activity”.