At a luncheon debate hosted by the International Club of Portugal in Lisbon, Gonçalo Regalado stated that upon his arrival at Banco Português de Fomento (BPF) in early 2025, the institution was “completely disorganized” and “full of resistance.” He noted that his initial focus was to invigorate the bank, including its approximately 600 employees, and to make entrepreneurs and companies the “holy grail” of the BPF.
By the end of this year, Regalado indicated, the bank anticipates reaching 7 billion euros in financing through guarantees, capital instruments, debt, and investment funds.
He explained this figure represents “a fourteen-fold increase over last year,” emphasizing that achieving this is “neither small nor easy.”
“We are doing more in a month now than was done in the entirety of last year,” he added.
Looking ahead to 2026, BPF aims to secure 10 billion euros in financing, achieving 3% of the Gross Domestic Product (GDP).
The BPF president also mentioned that the institution is beginning to promote financial instruments for municipalities to build affordable and social housing.
When questioned by attendees about attracting professionals from the financial sector to BPF, Regalado acknowledged the challenge, saying it is only possible by convincing them of the impact of their work on the country, given that their salaries are equivalent to those of public sector directors, which he deemed very low for those coming from commercial banking and insurance.
“I’m the lowest-paid president in the financial system, and my board members are the lowest-paid,” he remarked, advocating that the average salary of the past three years should be paid.
Gonçalo Regalado was formerly a director at BCP before taking on his current role at BPF.
During the luncheon-debate, Regalado also critiqued the lack of courage among Portuguese commercial banks in financing the economy, citing regulation and the age of many leaders (often over 60) as impediments to taking more risks.
“It’s difficult to ask people with 40-year careers to take risks in the last three years of their active lives,” he said.
The Banco Português de Fomento group, entirely owned by the Portuguese state, was established to promote the modernization of companies and the economic development of the country by financing investments with loans and participating in projects as a shareholder.
The BPF also manages resources from the Recovery and Resilience Plan (PRR).
Earlier this year, then-Minister of Territorial Cohesion, Castro Almeida, argued in parliament that BPF had not had the expected impact and promised to revitalize it.
In February, a new administration commenced with Gonçalo Regalado as CEO.
Last week, BPF announced tenders for the five-year lease of about 20 vehicles, with a total value of approximately 1 million euros, prompting questions from the Socialist Party to the Ministry of Economy.
In response to Lusa, BPF stated that “the increase in the number of vehicles and their overall cost is due to the growth of BPF’s workforce and the extension of the lease period from four to five years.” It further noted that “the vehicle leasing process was duly approved in the Activity Plan and Budget for 2025,” with expenses “duly authorized by financial and sectoral oversight bodies.”
