The executive president of Caixa Geral de Depósitos (CGD) stated this Monday that the public bank, if privatized, would immediately be owned by a “foreign party”. The reason is the lack of sufficient capital in Portugal.
“There are those who say that Caixa should be privatized. The consequence of Caixa being privatized is that it immediately became a foreign part, because there is not enough capital in Portugal to invest 10 billion euros or anything that Caixa has in its own capital”, said Paulo Macedo.
Even so, at the opening of another edition of Encontros Fora da Caixa, in Braga, the CGD leader admitted that Portugal needs more foreign investment, because it has “an insufficiency of own capital”.
Paulo Macedo also highlighted CGD’s “first place” in the European stress tests, stressing that “Caixa, fortunately, not only presented good results (…), but also managed to have the best place in terms of reputation and managed to have the first place in terms of stress testing of European banks, which was something unthinkable here three years ago, or 10, or 15 or 20, whatever period you want”.
“No one ever thought that a Portuguese bank would be in first place, at the same time that it managed to increase its ratings.” [notações]”, stressed the leader of CGD, a bank with record profits of 1,291 million euros in 2023, 53% more than the 843 million euros obtained in 2022.
Tags: CGD Privatization means foreign party guarantees Paulo Macedo
