Portugal Opposes Further Increase in Spanish Banks’ Presence

The government of Portugal stands on the wall in the face of a potential acquisition of Novo Banco by CaixaBank, a movement that has begun to take hold in the market. "Spanish entities already account for almost a third of the Portuguese banking market. I believe that this value should not increase due to a question of concentration and dependence," said the Portuguese finance minister, Joaquim Miranda Sarmento, in an interview given to the tele…

Portugal opposes further increase in Spanish banks’ presence

Portugal said Spanish lenders shouldn’t further increase their presence in the country, the latest sign of a European government wanting to intervene in potential banking deals. Spanish lenders now represent about a third of Portugal’s banking market, Finance Minister Joaquim Miranda Sarmento said in an interview with television channel RTP3 on Wednesday night. “I think that value shouldn’t increase, due to a matter of concentration and of depen…

Miranda Sarmento argues that it is not of the interest of the country that the New Bank is bought by a Spanish group. Still, André Ventura says that the Chega will be "an opposition to the central block".

Portugal's Finance Minister expresses concerns about Spanish banking Read more Portugal opposes banking concentration in its market in News.es.

The Government of Portugal considers that an increase in the presence of Spanish banking in the Portuguese banking market, where it already represents about a third, would not be a positive thing for the country, although it ensures that any decision on the future of Novo Banco corresponds to Lone Star, the main shareholder of the entity, in which the Portuguese State holds a 25% stake. “Spanish banking today represents approximately one third, …

Minister of Finance against greater Spanish representation in the banking sector, in response to the interest of the CaixaBank in the purchase of the New Bank.