CaixaBank rules out Portugal acquisitions

The CEO of Spain’s CaixaBank, Gonzalo Gortázar Rotaeche, has ruled out any plans to make acquisitions in the Portuguese banking market, instead opting to continue to grow organically.

The Spanish bank had been flagged as a key contender to make purchases in the Portuguese b banking sector, including either Novobanco or BCP, the latter being prepared for floatation or sale by the US fund Lone Star.

But there are no plans for BPI, which is 100% controlled by CaixaBank, to expand by buying either of these two banks because: “BPI is doing well with the support of a large institution like Caixabank, (…) we do not contemplate any growth operation that is not purely organic in Portugal,” said Gonzalo Gortázar at a press conference for the presentation of the banking group’s 2025-2027 strategic plan. “We want to continue to grow at BPI organically”, he stressed.

The strategic plan for the next three years foresees that BPI will strengthen its market share in Portugal, pointing to an annual growth rate above 4% to 2027 when the reduction in interest rates is expected to affect the sector’s profits.

Gortázar noted that BPI has a “remarkable” capital ratio, which gives the Portuguese bank a good margin to distribute dividends. “But it will always be respecting the solvency ratio, which is higher in Portugal than in Spain, and always ensuring that BPI has the capital to continue to grow,” said the leader of the Spanish group.

In its strategy, Caixabank plans to distribute between 50% and 60% of its results between 2025 and 2027 and BPI’s payout ratio “will be no different”, assured the Spanish manager.

As to Banco Fomento Angola, he revealed confidence in the sale process through the stock exchange. “We are happy to accompany the Angolan State in the sale of BFA, we will work with the State and BFA to make this possible,” he said.