The management of the Caixa Geral de Depósitos resigned. In a letter to Finance Minister Mario Centeno, dated June 21, the team that ended its mandate last December makes it known that the conditions to keep exercising the functions had been exhausted. And in a harsh language, refer to the Government the responsibility for response to uncertainty hovering for months over the largest bank in the system. The Government now race against time to ensure that António Domingues, former vice president of BPI, will quickly take over and clarify the strategy that the state group will follow in the next three years.
the terms of the letter that marks the break between the administration of the case and the State shareholder remain unknown. The news of the resignation was kept in a small circle. But on Monday, the presidents Álvaro Nascimento (non-executive) and José Matos (executive), representing the remaining management team, wrote to the workers to clarify that “came to an end the journey in that with you serve CGD.”
The letter was sent in the morning, by e-mail, and is the culmination of a journey of more than six months marked by deadlock over the future of the largest Portuguese bank, which since January is aimless and without strategy. A situation that has undermined the image of CGD and generated an arm-rail deaf among current managers and the Government. The lack of clarity in governance is leading to the suspension of many decisions, especially in the area of credit.
On 31 December 2015, the mandates of Álvaro Nascimento and Jose Matos finished. Less than three months later, in mid-March this year, the Express has revealed that António Costa had invited the then vice-president of a rival bank, BPI, to lead the CGD in the near term: Antonio Domingues. What confirm, but it was not known to the managers in place.
It was expected so Domingues was appointed during the last general meeting (AG), of 25 May, as included, inter alia, the fourth item on the agenda. But the meeting was interrupted, without that there would output a command line. And as reported by PUBLIC, on 6 June, the meeting turned out to serve for the non-executive chairman of Caixa address the government in harsh tones. Birth criticized the repeated delays in the appointment of new governing bodies, given the “very negative implications” for the institution. And took the opportunity to remember that the “absence of formally adequate response by the silence of the guardianship, aggravates the already difficult general framework of regulatory requirements and the relationship” box with regulators.
The application for Finance speed up the replacement of the administration had no answer, which turned out to accentuate the existing discomfort table between the protection and management. And on 21 June, and Matos Nascimento just to give up their functions presidents, with effect from 30 July. This, even though they are not in full exercise of their mandate and its field of action be restricted.
The resignation of two presidents of CGD may have led the Minister of Finance, Mario Centeno, to call on June 22, an hour and a half before the game of football team with Hungary, a press conference where he said no more relevant to what was already known. The minister just said Domingues take up its duties during July. And the group would suffer a resize in both the number of staff and the international presence of the bank, without affecting the development of operations in the Portuguese-speaking countries. The initiative was interpreted as a measure of restraint damage.
The existing void at the top of governance box may be on the verge of being solved. Especially because as the sole shareholder, the state has the power to issue when understanding a unanimous decision in writing to appoint the new governing bodies of the CGD, without first submitting to a general meeting. You always have to consult the committee in charge of evaluating the new management of the bank.
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