BCP boss raises eyebrow at €5Bn Novobanco valuation
The CEO of one of Portugal’s largest high-street banks, Millennium BCP, continues to remain tight-lipped as to whether the bank will make a bid to buy rival bank Novobanco.
However, Miguel Maya (Pictured) welcomed the forthcoming plan to float Novobanco on Euronext Lisbon stock market through an IPO with up to 30% of the bank’s capital dispersed.
The banker also declined to comment on what he thought Novobanco was worth. Lone Star is expected to want the bank valued at €5Bn. “If it’s worth that much that makes me even more happy about what BCP might be worth”, he said with some irony detected in his voice.
Miguel Maya and his team presented the bank’s profits for 2024 on Wednesday divulging that Millennium bcp achieved a record net result of €906 million.
Maya stressed that BCP – the only bank in Portugal listed on the PSI – said that although the bank was the only listed bank in Portugal he would be comfortable with seeing Novobanco on the stock market.
“We are alone on the market but we would have a stable mate” he said at the presentation of the bank’s annual results.
In January the bank’s shares were trading at 50 cents per share, a value it had not achieved since 2016. On Wednesday the bank’s shares were trading at 58 cents, an amount that puts the bank’s stock market valuation at €8.8Bn – well above the €5Bn calculated for Novobanco by US fund Lone Star which holds 75% of the rival bank.
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