After weeks of discussion between Fosun and Sonangol, there is an understanding for Nuno Amado to become BCP's chairman and Miguel Maya will become CEP. The only thing left is ECB's approval.
Fosun and Sonangol, two of the main shareholders of Millennium BCP, have reached an agreement in principle for the banks’ administration for next three years: António Monteiro will no longer be chairman and will be replaced by Nuno Amado, who will have further powers, while Miguel Maya will become CEO, ECO ascertained with sources from the financial sector close to the negotiations. The general elective shareholder assembly will take place on May 15, and the names for the governing bodies must pass ECB’s fit and proper test.
Over the past few weeks, contacts and negotiations between Fosun, the bank’s largest shareholder with 25%, and Sonangol, with around 19% equity, have intensified. It was ascertained that António Monteiro would no longer be chairman to become the next president of BCP Foundation, now headed by Fernando Nogueira. There will be a change of competences and powers for the chairman and CEO: Nuno Amado will be chairman with more powers, while Miguel Maya will be the executive and operational leader.
Right now, as ECO ascertained, ECB is still discussing even the terminology of Amado and Maya’s positions. This redistribution of powers between both jobs justifies the designation of executive chairman and executive vice-president. Yet, although ECB has shown little availability to accept this categorization, it means, in practice, there will be a change of functions between both managers. ECO attempted to contact shareholders, but was unable to obtain any comments.
Fosun and Sonangol advocated for an executive board with at least 19 members, while ECB wanted to limit the board to 15 or 17. This limit makes it harder for the executive committee, which will need to have five or seven, since governing rules’ state that non-executive members must not be higher in number than executive members. In addition, it is necessary to assure that the number of independent members is sufficient in all committees.
With all these changes, which were delayed also because of the management changes in Sonangol, BCP is entering a new cycle. With the 2017 profits, the new administration and executive committee — which will also be renewed with the entrance of Iglésias Soares, appointed by Sonangol to replace Conceição Lucas — must keep last year’s trajectory. Millenium BCP presented a positive balance of 186.4 million euros, 7.8 times higher than last year.