“None of the big banks have joined the sale of savings certificates”, stated Paulo Macedo, this Friday in the presentation of the bank’s 2023 accounts, which achieved a historic profit of 1,291 million euros.
“Caixa will study the matter”, he said, remembering that it is always necessary “to look at the issue of cannibalization in relation to products sold by Caixa” as is the case with deposits, where there was a strong outflow of savings towards savings certificates in the first half of 2023.
Despite this, the Global Investment Bank (BiG) this Thursday became the first bank to join the Treasury and Public Debt Management Agency – IGCP to expand the certificate distribution network. Until now, it was only possible to buy savings and Treasury certificates at CTT, Espaços Cidadão and on the AforroNet digital platform.
The start of the commercialization of certificates by BiG came as a result of a project that has been developed with EsPAP and the prior approval of the Court of Auditors on this contract. The expansion of the physical network and the expansion of digital platforms is part of IGCP’s digital transformation strategy that began in 2023.
In February last year, the president of the IGCP, Miguel Martín, said, during a parliamentary hearing at the Budget and Finance Committee (COF), that the Portuguese State was paying CTT between 0.585% and 0.26% for subscriptions to savings certificates or from the Treasury, the objective being to expand the distribution network for these products.
“All financial or payment institutions registered with Banco de Portugal can join the distribution network, in a voluntary and open membership model“, said the IGCP on Thursday, in a statement.
Tags: big banks joined sale certificates Paulo Macedo Markets
