The Banco Portugués de Investimento (BPI), the third private bank in the country, it only has one shareholder and it's called CaixaBank Three months before recommended by the CMVM and almost two years after the launch, 100% of the shares are from the Catalan bank.
The absolute control over the Portuguese bank closes a story that began in 1995 when the Catalan group entered as a minority shareholder. In 2012, the then La Caixa became the first shareholder (44.1%), by acquiring the part of the Brazilian bank Itaú. However, that position did not help him to rule, since two thirds of the council's votes were needed and the Angolan Isabel Dos Santos (19%) maintained a blocking position. In 2015, a first takeover of the already CaixaBank at 1.3 euros the share failed disputes between the two main partners, but triumphed one year later at 1.1 euros, thanks to the agreement with the Angolan businesswoman who, in exchange, obtained the majority in the Angola Development Bank, where BPI had 51%.
After the 2017 takeover, CaixaBank went from 45.5% of the bank to 84.5%. In May, one of its traditional partners, Allianz, sold its 8.5% for 178 million (at 1.45 euros per share). The Catalan bank took 93% and announced the exit of the Portuguese stock market, which the Commission of the Securities Market (CMVM) has approved.
The CMVM had authorized a permanent order to purchase the securities held by minority shareholders (at this point and only 5%), which was extended until March of next year, period in which shareholders would be forced to sell at the price marked by the independent authority, 1.47 euros.
Caixabank wanted to abbreviate to this Wednesday, day 26, the deadline to take over 100% of society and the permanent purchase order is canceled. If any shareholder did not sell before this Wednesday, day 26, CaixaBank, "will exercise its optional right of acquisition of shares of the shareholders who do not voluntarily accept the offer of purchase, coming to hold all the shares of the capital stock of BPI" , says in the statement to the CMVM.
This remainder of actions will mean a disbursement of 108 million euros to the Catalan bank, as the independent authority raised the price by two cents compared to the one paid to Allianz in May.
In the first nine months of 2018, the BIS, under the direction of Pablo Forero, he earned 529 million euros compared to the 22 of the same period of the previous year. 61% of its benefits come from domestic activity.