BPI: OPA is “timely” and would be “very positive” keep BFA and BCI – Daily News – Lisbon

BPI has already ruled on the takeover bid launched by CaixaBank. The operation is considered “timely and friendly.” Bank says understand that it is a moment is “particularly difficult” to determine price

The bench headed by Fernando Ulrich has just rule on the takeover bid (OPA) launched by the Catalans of CaixaBank considering that it is “timely” given that creates “a framework that increases the range of alternatives to address the current default limit by BPI of large exposures caused by BFA’s exposure to the Angolan public debt.” And says he believes it would be “very positive” for the bank to maintain “the current shares in BFA and BCI objective that such consolidation can make it possible.”

As for the set price of 1,113 euros per share, the bank’s board of directors says he understands the difficulty of the moment to determine, especially taking into account factors that can not be quantified, such as “the fact that there is no certainty as to the timing and terms in which the value attributed to BPI’s participation in BFA can be monetized, that the banking sector, and in this, BPI, face potential significant costs to the resolution of BES and Banif, the fact that this date will not be possible to determine the impact of the new ‘funds requirements own and eligible liabilities’ arising from the entry into force of the Single Mechanism bank resolution Eurozone started this year. “

in the report sent this afternoon to the CMVM, the bank’s board of directors also stresses that this offer can strengthen BPI’s ability to “meet the challenges and opportunities facing the banking sector, including significant pressure on sources of income, increasing capital requirements, increased regulatory costs, digital transformation and consolidation.”

the institution led by Fernando Ulrich also highlights the fact that the tender offer to be “friendly”, as part of a bank “highly credible” and that is the BPI shareholder since 1995 and made “given support strategy growth and affirmation “of the Portuguese group.

Among the positive points made in the document sent to the CMVM, the BPI board highlights the factor employment, in particular the fact that, with this operation,” BPI maintain their status as an independent entity “and” its partnerships with the Allianz Group “as well as” the principles that have followed in its human resources policy, “promoting” the development in Portugal of service activities in favor of susceptible BPI and CaixaBank to contribute to the creation of skilled jobs in Portugal. “