Development bank joins APB

The Portuguese Association of Banks (APB) has changes its statutes to allow a new member to join – Portugal’s development bank, Banco Português de Fomento.

In September, the APB led by economist Vítor Bento, widened the range of financial institutions that can be members according to the online news site ECO.

The Banco Português de Fomento (BPF), also known as the Banco de Fomento, is a State-run development bank created in 2020.

The institution was the result of a merger between the Instituição Financeira de Desenvolvimento (IFD)(Financial Development Institution) and PME Investimentos (SME Investments) within the Portuguese public mutual guarantee company Sociedade Portuguesa de Garantia Mútua (SPGM).

The merger of the teams was conducted by Mercer, while its structural definition as a  development bank was conducted by Oliver Wyman, having been contracted by Globaz to undertake a study to define its strategy, design, creative development and visual design, logotypes, graphics and branding.

The Portuguese banking association had to change its membership statutes so that the Banco Português de Fomento, led by Celeste Hagatong (Non-executive president) and Ana Carvalho (CEO) could become a member which it did on September 2023, three years after being launched by the  Government. (And four days after the APB’s statutes were revised)