When Spain’s Caixabank made a full takeover bid for BPI in the middle of February, it caught many people off guard.
Caixabank’s existing 44% stake in BPI, Portugal’s fourth largest bank, had been overlooked in the saga of the shake-up of the country’s banking industry following the collapse of its third-ranked financial institution, Banco Espírito Santo.
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We can assume that BPI or Santander would be looking to capture synergies of about €500 million André Rodrigues,CaixaBI |
Indeed, up to this point, the dominant topic of discussion in Lisbon’s financial circles revolved around who would win the bid for Novo Banco, the ‘good’ bank created from the downfall of BES.
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