Marcelo Rebelo de Sousa: “A strong Spanish presence” is positive

  • ECO News
  • 14 February 2017

Portugal's President is not worried about a possible 'Spainalization' of the Portuguese banking; more so, Marcelo Rebelo de Sousa regards "a strong Spanish presence" in national banks as positive.

The President of the Portuguese Republic is pleased with the outcome of CaixaBank’s takeover bid on BPI. In Madrid, before a dinner party organized by the Portuguese and Spanish Chamber of Commerce, Marcelo Rebelo de Sousa considered that “the Spanish presence in a Portuguese bank” is a “very important step in strengthening the financial relations between Portugal and Spain”, which was “very good”, the President emphasized.

Marcelo Rebelo de Sousa clarified that he is not worried about a possible ‘Spainalization’ of the Portuguese banking: the only “concern” was that “a monopoly – Spanish or any other – would emerge in Portugal”. The President had always “been favorable to a strong Spanish presence in the Portuguese banking”.

"There are several countries present in the Portuguese banking, at a time of globalization. We have Spain, China, Angola, and we have American capitals.”

Marcelo Rebelo de Sousa

President of the Portuguese Republic

“We have a very strong Portuguese public bank — that, we were able to assure. And then we have, at a time of globalization, the presence of several countries: in the Portuguese banking we have Spain, Angola, China, and American capitals”, emphasized Marcelo Rebelo de Sousa.