Today there is general meeting to divide into two Montepio – Express

So far, the Caixa Económica Montepio Geral and Montepio Geral Mutual Benefit Association had joint management. In practice, seemed to only one institution. From now on, each of the institutions – commercial bank and mutual association – will have separate managements. The first step in defining the new Montepio drawing will be given today at the general meeting of the mutual association, which will appoint a committee with five members, to create a design change of the bank’s statutes. In practice, it is the mutual association Montepio that controls the bank Caixa Económica Montepio Geral.

Thomas Correia has chaired the mutual association and the bank. With its mandate to expire at the end of the year, are being taken the necessary steps, as in summer, are complete the statutory changes of the mutual association that open the way to change the bank’s governance model.

As told the Express on Saturday edition, was the Governor of the Bank of Portugal (BoP) which pushed the water separation in the management of the two institutions . It is also Carlos Costa that validates the choice of Fernando Teixeira dos Santos, former Minister of Finance of Socrates’ Governments for the leadership of the commercial bank Montepio.

In 2014, Montepio recorded a

loss of € 187 million, the bank justified on the negative factors of “non-recurring nature in the amount of € 274.1 million.” The year before, the damage had been € 298.6 million. Banking income increased 108% to € 784.5 million, benefiting from net interest income (up 49.4%) and the results of financial operations. Provisions and impairment losses increased by € 245.9 million, which attaches to the Montepio “still weak macroeconomic environment and registering € 208.9 million related to non-recurring factors.”

The results of the bank were also penalized by exposing the Montepio the Espírito Santo Group (GES). The Caixa Económica Montepio Geral had to put aside about € 140 million to cover the risks of GES exposure.