Paulo Macedo’s team is approved by the ECB

Paulo Macedo and his team have the European Central Bank’s green light to start administrating the Portuguese public bank Caixa Geral de Depósitos (CGD). The team chosen by the Portuguese government to lead the public bank will take office next week, the Ministry of Finance confirmed. Their first day at the office will be February 1.

The ECB had approved Paulo Macedo as the public bank’s CEO on January 18, but in order to enter office, the entire list of names for the administration had to be approved; as ECO had previously disclosed and the Finance Ministry confirmed, Mário Draghi’s institution has indeed approved the names.

“The ECB concluded today the process of assessing the adequacy and honorability of the CEO and the chairman, as well as the remaining executive administrators for CGD, designated for the 2017-2020 mandate by the minister of Finance, exercising the state’s shareholder role”.

Paulo Macedo, who will be replacing António Domingues, will have José Brito as the new CFO of the public bank, in a team Finance says “will enter office on February 1”.

The new CGD administration:

• Emílio Rui Vilar (Chairman);
• Paulo Macedo (CEO);
• Francisco Cary;
• João Tudela Martins;
• José de Brito;
• José João Guilherme;
• Maria João Carioca;
• Nuno de Carvalho Martins.

As ECO had also previously disclosed, the ECB is already analyzing the non-executive names. The Ministry of Finance stated: “The nomination of the executive administrators is now complete, and now the non-executive administrator candidates will be subject to evaluation of their honorability and adequacy by the ECB”. The team will have a total of 16 elements.