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MarketScreener Homepage  >  Equities  >  Euronext Lisbonne  >  Banco Comercial Português, S.A.    BCP   PTBCP0AM0015

BANCO COMERCIAL PORTUGUÊS, S.A.

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Caixabank gets 84.5 percent stake in Portugal's Banco BPI in takeover

02/08/2017 | 02:12pm EST
CaixaBank CEO Gonzalo Gortazar speaks during a news conference in Lisbon

LISBON (Reuters) - Spain's Caixabank successfully completed the takeover of Portugal's second-largest listed lender, Banco BPI, paying 645 million euros ($690 million) to raise its stake to 84.5 percent from 45 percent, the two banks said on Wednesday.

"This acquisition has a lot of financial logic, we're talking about two institutions that complete each other perfectly," CEO of Caixabank, Gonzalo Cortazar, told a news conference, adding that the Portuguese market "has potential".

The takeover took nearly two years to complete and was designed to boost Caixabank revenues outside Spain, where it faces stiff competition for lending. The Barcelona-based lender was one of Spain's most acquisitive banks during the financial crisis, and has struggled to offset falling profitability at home by buying smaller savings banks.

It launched its first bid for BPI in 2015 at 1.329 euros per share, but opposition by some shareholders, notably Angolan investor Isabel dos Santos, forced it to withdraw that bid last year, only to make a lower final offer of 1.134 euros a share.

Dos Santos, the daughter of Angola's president, had a stake of about 20 percent in the Portuguese bank. It was not immediately clear whether she was fully bought out.

BPI CEO Fernando Ulrich will step down, but Caixabank proposed that he be elected chairman of the board at BPI, which will keep its decision-making centre in Portugal.

Caixabank has said it expects savings of up to 84 million euros a year from merger synergies, including up to 45 million euros from 900 layoffs as businesses are combined.

Caixabank ended 2016 with a fully-loaded capital ratio - a measure of a bank's strength under the strictest capital rules - of 12.4 percent and expected the ratio to fall by up to 80-140 basis points, depending on the take-up of the BPI bid.

Although not immune to problems affecting Portugal's notoriously fragile banking sector, BPI has long finished paying off its state loans, while its larger rivals Millennium bcp (>> B. COM. PORTUGUES) and state-owned CGD still owe money to the state.

BPI had a 33 percent rise in 2016 net profit as net interest income rose while impairments for bad loans fell sharply. Its fully-loaded capital ratio at the end of 2016 was 11.1 percent.

Before the completion of the takeover, BPI handed control of its lucrative Angolan unit BFA to Angolan telecoms firm Unitel to meet requirements by the European Central Bank on risky exposure to the Angolan economy.

Dos Santos also indirectly controls Unitel and the BFA deal was seen as a way of winning her approval for the takeover.

Shares in BPI closed 6.58 percent lower before the announcement, on expectations it would drop out of Lisbon's PSI20 leading stock index. Caixabank shares fell 1 percent.

($1 = 0.9356 euros)

(Writing by Andrei Khalip; Editing by Ruth Pitchford)

By Sergio Goncalves

Stocks treated in this article : B. COM. PORTUGUES, BANCO BPI, CaixaBank SA

© Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
BANCO BPI 0.00%End-of-day quote.0.00%
BANCO COMERCIAL PORTUGUÊS, S.A. 6.03% 0.1195 Delayed Quote.-44.43%
CAIXABANK, S.A. 3.16% 2.284 Delayed Quote.-20.87%
PSI 20 INDEX 2.73% 4571.02 Real-time Quote.-14.67%
RISE, INC. 0.00% 24 End-of-day quote.-20.00%
STEP CO.,LTD. -0.56% 1593 End-of-day quote.0.89%
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More news
Financials
Sales 2020 2 254 M 2 681 M 2 681 M
Net income 2020 158 M 188 M 188 M
Net Debt 2020 - - -
P/E ratio 2020 12,3x
Yield 2020 -
Capitalization 1 806 M 2 146 M 2 148 M
Capi. / Sales 2020 0,80x
Capi. / Sales 2021 0,80x
Nbr of Employees 17 293
Free-Float 51,2%
Chart BANCO COMERCIAL PORTUGUÊS, S.A.
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Banco Comercial Português, S.A. Technical Analysis Chart | BCP | PTBCP0AM0015 | MarketScreener
Technical analysis trends BANCO COMERCIAL PORTUGUÊS, S.A.
Short TermMid-TermLong Term
TrendsBullishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 9
Average target price 0,14 €
Last Close Price 0,12 €
Spread / Highest target 33,9%
Spread / Average Target 14,4%
Spread / Lowest Target 0,42%
EPS Revisions
Managers
NameTitle
Miguel Maya Dias Pinheiro Third Vice Chairman & Chief Executive Officer
Nuno Manuel da Silva Amado Chairman
Rui Manuel da Silva Teixeira Executive Director
Miguel de Campos Pereira de Bragança Executive Director
Cidália Maria Mota Lopes Independent Non-Executive Director
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