The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.

Is Paulo Macedo the man with the plan for Caixa?

Macedo might seem like an odd choice to lead Portugal’s biggest bank, but the former health minister comes with impressive cost-cutting credentials.

Paulo Macedo, CEO of Caixa Geral de Depósitos

When you’ve taken the scalpel to the national health care budget during the worst economic crisis in living memory, doing the same to a bloated state-owned bank might look like child’s play. That, at least, is what the Portuguese government was hoping when it appointed Paulo Macedo as the new CEO of Caixa Geral de Depósitos (CGD), the state-owned bank that has not made a net profit since 2010.

A former board member at Millennium BCP, 53-year-old Macedo served as Portugal’s minister of health from 2011 to 2015; under his watch health spending contracted dramatically. Public expenditure on pharmaceuticals was down by 9% in 2011 alone, according to OECD numbers, with per capita health spending falling by close to 11.5%

Take out a complimentary trial

Take out a 7 day trial to gain unlimited access to and analysis and receive expertly-curated updates direct to your inbox.


Already a user?

Login now


We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree