[2019-09-30] Portuguese group Caixa Geral de Depósitos may start selling bank holding in Cabo Verde

Source: Macauhub

Portuguese state-owned financial group Caixa Geral de Depósitos (CGD) may start the process of selling its 59% stake in Banco Comercial do Atlântico, in Cabo Verde, according to a decree published in state gazette Diário da República that came into force on Saturday.

“The disposal of Banco Comercial do Atlântico will not affect the strategy of CGD’s international presence in Cabo Verde, which will continue through Banco Interatlântico, which is based on the transformation of CGD’s previous branch in Cabo Verde into a locally-run bank,” the Government said in the decree.

The decree added that Banco Interatlântico, in which the Portuguese group holds a 71% stake, will be “unchanged, especially with regard to its function of supporting the internationalisation” of Portuguese companies.

This decree-law was signed off by the President of Portugal Marcelo Rebelo de Sousa on 16 September, “despite doubts about the understanding that it will not weaken Portugal’s financial presence in Cabo Verde.”