In a statement issued on Friday, the Finance Ministry said, “the government has decided to invite Paulo Macedo to be CEO [chief executive] of CGD, and the invitation has been accepted,” and that, “Emílio Rui Vilar has been invited to be chairman, and that invitation was also accepted."

Former chief executive António Domingues resigned as CGD chairman last weekend. He took office as the state bank's chairman only on 31 August of this year, having stepped down from his position on the board of rival bank BPI on 30 June.

In the statement, the ministry said the Government, together with Macedo and Vilar was “working on defining the make up of the remaining Board of Directors," of CGD.