The Council of Ministers announced that the objective of the upcoming operation is to sell all shares held by Caixa Geral de Depósitos (CGD) in the Brazilian institution and proceed with either a total or partial sale of the companies controlled by the Brazilian bank.
The resolution mandates the relaunch of the disposal process of shares held by Caixa Geral de Depósitos, S.A., representing 100% of the share capital of Banco Caixa Geral — Brasil, S.A., as well as all or part of the share capital of these companies and their respective assets, as stated by the Government in the communique without further elaboration.
On July 30, during a presentation of CGD’s results in Lisbon, the bank’s CEO, Paulo Macedo, mentioned that the group is once again encountering interested parties in Banco Caixa Geral.
“We have entities interested again, and therefore, we would like to restart the process, which, as you know, involves a whole set of procedural issues before we can engage with potential interested parties,” Macedo remarked at the time.
The Portuguese Government first approved the relaunch of the bank’s sale in May 2021 after an initial attempt to sell failed.
In 2023, Paulo Macedo indicated that the Council of Ministers recommended canceling the sale and that CGD was preparing to “address the bank’s issues.”
