Wednesday, May 6, 2015

Vieira Monteiro argues that we have to separate investors … – Jornal de Negócios – Portugal

Vieira Monteiro argues that we have to separate investors who knew what was commercial paper

The President of the Santander Totta, who is in the race for New Bank does not believe that the buyer of the institution will inherit the problem of commercial paper.

The President of the Santander Totta, António Vieira Monteiro, argues that the issue of commercial paper Espírito Santo Group has to be solved taking into account that there are different types of investor.

“There are several types of customers with commercial paper. Those who knew what they were buying, the less they knew and did not know anything,” said in the results presentation conference of the first three months of the year, where there was a rise of 27.8% of profits.

“This must be borne in mind” in finding a solution to the investments in debt securities of GES, said Vieira Monteiro reporters . An opinion contrary to defended by Carlos Tavares, chairman of the Securities Market Commission (CMVM), which argues that it is “impossible” to make that separation, given the difficulty of proof that customers were subject to irregular sales in the marketing of commercial paper. The only possible division, defends the CMVM is the institutional investors and retail: within the retail, making this proof is not possible.

The leader of the bank does not expect to inherit this problem if it were to buy the New Bank – Totta is one of five entities on the list of organizations invited to submit proposals for binding to stay with the New Bank, pair of Fosun, Apollo, Cerberus and Anbang Insurance. “I’m not at all convinced” that this issue be for those who come to buy the bridge bank defended.

About commercial paper, the New Bank launched on Wednesday a statement saying that it has autonomy to decide any solution to the commercial paper, being dependent on the Bank of Portugal. A defense made at a time when the selling process goes through meetings with prospective buyers.

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