Vieira Monteiro: “The state is welcome to intervene in banking”

  • ECO News
  • 3 November 2016

The chairman of Santander Totta looks favorably at any public intervention that consolidates the Portuguese financial system.

First, the diploma ending the voting limits that led to the takeover bid of CaixaBank on BPI. Then, the regime created to allow the grouping of shares without reducing capital that opened the door for the Chinese from Fosun to enter BCP. And now, a solution to reduce national banks’ nonperforming loans.

The state’s intervention in the financial sector is seen favorably by António Vieira Monteiro, chairman of the bank Santander Totta. He believes so because it will benefit the whole system and the chairman likes healthy competition. “All interventions to solidify and help solve past problems of banking are welcome”, Vieira Monteiro stated during the presentation of his bank’s results.

Until September, Santander Totta has presented a 293.7 million euros’ profit, 66.2% more than the homologous period of 2015. The financial margin – resultant from interest loan’s revenue minus the expenses with interest on deposits – has contributed crucially for the result, registering a 31% growth to 550 million euros. Based on these outcomes, Vieira Monteiro believes the bank “has all the means to grow organically in the national market”.

Santander Totta’s chairman believes it is “fundamental” for the financial system to be “strong and organized and to serve the economy”. “We perceive favorably the restructuring of the sector. We really like our competition: it is a key element for the economy. It is good for it to be restructuring”, he declared.

Concerning Novo Banco, the chairman said he will not acquire it, but if there are changes in the terms of reference, he might look at the dossier: “I have said more than once. I will not acquire Novo Banco. But we are always attentive to what is happening in the market”.