Chinese mull 30% of Banco CTT

Portugal’s Banco CTT – linked with Portugal’s post office service – is sounding out the market with a view to a minority shareholder coming in to hold 30% of its capital.

According to Jornal Económico, the operation that is being drawn up involves a capital increase subscribed by a new shareholder. This would result in CTT diluting its share in favour of the new investor, with the insurance group Una Seguros, controlled by a Chinese group, said to be one of the non-binding interested parties.
The news, which was broken by the newspaper on Friday, dovetails with the Banco CTT’s announcement that it would be launching a new product from Una Seguros and Banco CTT: A five-year capitalisation insurance offering guaranteed capital and a final interest payout of 3%, or 0.6% per year. The launch marked the beginning of a partnership between UNA and Banco CTT.