Paulo Macedo was chosen as CGD’s CEO

Paulo Macedo: he is the one António Costa, Portuguese prime minister, chose to head the administration of the public bank Caixa Geral de Depósitos and he is, at the moment, gathering the team who will join him at CGD, to be later presented to the European Central Bank (ECB).

The former Portuguese minister of Health had already been appointed as a potential candidate for the position in the past few weeks, coming up as a “plan B” in case António Domingues were to resign, as it indeed ended up happening. Macedo is said to have refused the invitation at first, but ended up changing his mind.

The current member of the administration of Ocidental Vida, a Portuguese insurance company, is already gathering the new team for CGD’s administration. According to Portuguese newspaper Público, José João Guilherme was also appointed as someone who might become part of the administration; he was a part of Eduardo Stock da Cunha’s team on the Portuguese bank Novo Banco.

Rui Vilar has also been keeping in touch with the Portuguese government and with Macedo, the same newspaper points out. Rui Vilar, who had been said to be a possible candidate for the chairman position of the state bank, is one of the four administrators who did not resign from CGD’s administration – the other three members are Tiago Ravara Marques, João Tudela Martins and Pedro Leitão.

Paulo Macedo, who was, for many years, vice-chairman of the bank BCP, is searching for a team to move forward with the restructuring of the largest Portuguese bank, which is still being finalized by António Domingues. The plan includes dismissing employees, closing branches and leaving external markets.