Portugal’s banks consider their next move | Millennium BCP: Leveraging knowledge overseas | Euronext: internationalizing Portugal
Given the dynamism of the Portuguese banking market, outside observers are sometimes surprised to find out that Caixa Geral de Depósitos, the number two bank in the market – which often trades places with Millennium BCP for first place – is still wholly owned by the state. Although the bank is not now explicitly supported by the state, its ownership does give it an implicit guarantee – the government would be unlikely to allow the bank to collapse – that undoubtedly helps its rating and lowers its borrowing costs.
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