[ad_1]
Banco Comercial Português plans to end the bank created in the time of Jorge Jardim Gonçalves. The Investment Bank, which only manages mortgages created until 2006, can be integrated with the parent company, the financial institution headed by Miguel Maya. More news will be available by the end of the year.
"Banco Comercial Português, SA announces that the merger of Banco de Investimento Imobiliário, SA, a wholly-owned subsidiary, will be incorporated into Banco Comercial Português, SA until the end of 2019", he announced. the bank in a statement sent Wednesday, June 19 to the Securities Market Commission (CMVM).
The merger by incorporation presupposes the disappearance of the Real Estate Investment Bank when it is absorbed in the BCP. Your entire balance sheet is part of the balance sheet of the parent company. BCP is already the sole owner, but the BII is an autonomous entity. "In due course, Banco Comercial Português, S.A. will report any relevant developments arising from this process," the document continues.
The Banco de Investimento Imobiliário focuses on mortgage credit, but only on the first one. The activity of the bank consists in "the management of the real estate and real estate development portfolio set up until the end of 2006", according to the last report and accounts for 2017. In other words, it does not have new operations, as all new customers move to BCP.
The BII was created in 1993 as part of a partnership formed by BCP, founded in 1985 by 200 shareholders and headed by Jardim Gonçalves, with the Italian company Banca Intesa. According to the founder, written in an opinion article published in Expresso in 2016, the transalpine institution, owner of half of the housing loan bank, also took the opportunity to acquire its shareholder , BCP, unlike Jardim Gonçalves. Thus, the partnership ended. It is in 2005 that the Portuguese private bank received 100% of the BII. But a year later, he stopped creating new operations. More than a decade later, its end is in preparation.
In 2017, the bank made a profit of 25.5 million euros, for a total assets of 2.4 billion euros, against a liability of 2.1 billion, according to the report and accounts for 2017 – there is no document for 2018. What we know is that, given the accounts of BCP of last year, this former lender of housing paid dividends of 22 , $ 9 million to the parent company.
Less costs
It is one of five entities that the group, of which Fosun and Sonangol are the main shareholders, has in Portugal. Millennials ago, centered on the universal bank; AtivoBank, digital; the Millenniumbcp Ageas, from the insurance sector; and Interfundos, the management of real estate investment trusts.
There have been other such mergers in BCP in recent months. These are the cases of real estate companies that have resorted to credit recovery processes: Enerparela and Sadamora. Thanks to these operations, the bank can reduce its costs, even by eliminating legal entities: the BII has its own board of directors and its supervisory board, for example, which disappear during the merger. There is no charge for the preparation of documents, for example.
Source link
