CGD’s share in CGD Brazil for sale with four interested

The sale of State bank CGD’s share of CGD Brazil is entering a second phase in which four interested parties will be invited to continue the competition.

A source familiar with the process has revealed that Banco Luso-Brasileiro (BLB), owned by the Amorim family, is not among the list of interested parties, after being in the running during the previous sale attempt — which was canceled in 2023 due to a lack of attractive offers.

The sale was one of Brussels’ demands for the €3.9Bn recapitalisation which was part of CGD’s restructuring plan negotiated in 2016 and which began to be implemented in 2017.

According to the public bank, the sales process in the first phase “generated an adequate and diversified level of interest that allowed several interested parties to move on to the next phase, to present firm offers”.

Now, CGD awaits the publication of the Resolution of the Council of Ministers that defines the calendar for the second phase, sets the deadline for the submission of binding proposals and establishes the financial conditions of the operation, hoping that the sales contract will be signed in the third quarter of this year and that the process will be completed in 2027.

Credits: TIAGO PETINGA/LUSA
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Source: ECO Online.