Edition 1505
15 December 2018
Edition: 1505

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Government confirms resignation of state bank management team

by TPN/Lusa, in Business · 07-07-2016 14:49:00 · 0 Comments

The office of the Portuguese finance minister confirmed on Tuesday that the board of directors of state-owned bank Caixa Geral de Depósitos has tendered its resignation in a letter sent to the minister, Mário Centeno, adding that the
out-going directors are to stay at the bank until they are replaced.

Daily paper Público said on Tuesday that the Caixa Geral de Depósitos (CGD) board had resigned in a letter to the minister dated 21 June, saying “the government was responsible for the indecision that has been hanging for months over the largest bank in the Portuguese system”.
When Lusa News Agency contacted the ministry, a source confirmed the management team’s resignation , adding that “they remain in their posts until they are replaced” and that “there is not going to be any lack of a board at CGD”.
Público said the government is now in a race against time to ensure that António Domingues, former vice-chair of Bank BPI steps in quickly to clarify the strategy the state bank is going to follow for the next three years.
Meanwhile, a parliamentary commission is going to look into the management of the state-owned bank since 2000 and investigate the recapitalisation process currently being negotiated with Brussels.
On Monday, the bank’s union said that CGD was going to cut 2,500 jobs between 2017 and 2020, through early retirement and mutual agreement.

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Edition 1505
15 December 2018
Edition: 1505

Read this week's issue online exactly as it appears in print.

Twitter

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