ECB: Paulo Macedo’s administration should be approved within days

  • ECO News
  • 17 January 2017

Caixa Geral de Depósitos (CGD) is still running on day-to-day management, without a CEO; however, the ECB should approve Paulo Macedo and his executive team this week.

The ECB should approve Paulo Macedo as the CEO of Caixa Geral de Depósitos (CGD), as well as his executive team this week. At least that is the expectation the soon to be CEO has, since the public bank has been running on day-to-day management since the end of 2016.

The government and the Bank of Portugal have been pressuring the European Central Bank (ECB) to be done with the so called ‘fit and proper’, the regime of approval of the names chosen for CGD. There is still no official answer from ECB or from Finance Ministry, but their approval is expected this week.

Paulo Macedo will replace António Domingues as the new CEO from the Portuguese public bank, along with José João Guilherme, Nuno Martins and Maria João Carioca. The appointed chairman is Rui Vilar, who was already a part of the former executive team. After ECB’s approval of the executive team, the non-executive names will follow, ECO is aware.