The Banco Montepio has executed a capital increase following a decision made at the Extraordinary General Meeting held on July 31, 2025. The capital was raised by integrating a special reserve, amounting to a total of 4.8 million euros, under the “Special Regime applicable to Deferred Tax Assets” (REAID).
With this operation, “the share capital of Banco Montepio is now 1,214,809,544.00 euros, represented by 2,429,619,088 ordinary shares, each with a nominal value of 0.50 euros.”
This capital increase arises from the conversion of rights granted to the State for the fiscal years 2020 and 2021, under the REAID. These rights were acquired by the shareholders following legal and regulatory provisions, as indicated in notices published on August 4, 2025.
Montepio Geral — Associação Mutualista “retains its position as majority shareholder with 99.993% of the share capital.”
The Associação Mutualista Montepio Geral had previously indicated plans to invest approximately 4.8 million euros to prevent the State from becoming a shareholder in Banco Montepio, as confirmed by an official source from the mutual society to Lusa.
This concerns the regime of deferred tax assets, which grants the State the ability to convert tax credits a bank has benefited from into shares, thereby becoming a shareholder. To prevent this, shareholders can purchase the rights.
“We confirm the intention of Montepio Geral Associação Mutualista to exercise the preemptive right to acquire conversion rights within the current framework of REAID [Special Regime Applicable to Deferred Tax Assets]. Regarding the amount, we anticipate it will be approximately 4.8 million euros,” an official source stated in July to Lusa.
Associação Mutualista Montepio Geral is the umbrella organization of Grupo Montepio, which owns several companies, notably the bank. The mutual society currently has over 600,000 members and reported a profit of 210 million euros in 2024 (up 87.5% compared to 2023).
Banco Montepio’s profits reached a historic value of 109.9 million euros in 2024 (nearly four times more than in 2023).
