Bank of Portugal will give green light for sale of Banco CTT next month
An evaluation by the Bank of Portugal into a capital share injection by insurance company Generali/Tranquilidade into Portugal’s post office bank Banco CTT, is being finalised and the deal should get the green light in October.
It comes two years after the initial application from the insurer led by Pedro Carvalho according to Jornal Económico.
On November 7, 2022, it was announced that the Italian insurance group Generali, which owns Tranquilidade, would purchase an 8.71% share in Banco CTT via a €25 million capital raise.
In May, this year in an interview with Bloomberg, the executive president of CTT, João Bento admitted that the group could decide to sell all of Banco CTT, despite preferring to maintain a minority capital share in the institution founded in 2015.
“We are considering all possibilities, including the sale of the whole bank. My preference would be to retain a minority position in the bank given that the bank operates through our network of post office shops,” he said at the time.
Banco CTT was said to have a value of €270 million at the end of 2023.
Meanwhile, the purchase of the private bank Banco Português de Gestão (BPG) by the Chinese Vcredit Holdings Limited is on hold as the Bank of Portugal awaits information from the Chinese.
