Santa Casa takes less than 2% of Montepio. It will enter in the next two to three weeks
The chairman of Associação Mutualista Montepio says it is a "coincidence" that the end of tax exemption is taking place while Montepio will be granted tax credits.
Lisbon’s Santa Casa da Misericórdia (Holy House of Mercy) should conclude the process of entering the capital of Caixa Económica Montepio “in the next two or three weeks”, the chairman of Associação Mutualista, Tomás Correia, confirmed. The institution’s equity will be less than 2% of the bank, since that share will be held along with other social institutions. The amount to be invested will stand around 48 million euros, such as ECO had previously disclosed.
“In two or three weeks, Santa Casa will have acquired a stake in Caixa Económica. I don’t know which exact stake, since it is Santa Casa that will make that decision”, Tomás Correia stated in an interview to RTP3, this Thursday. “The project is large, but the capital will be symbolic, so much so that, in Montepio, we decided we would move forward with the possibility of giving social institutions up to 2% of the bank’s capital”, he added.
Tomás Correia also confirmed ECO’s piece of news: the 2% stake in Caixa Económica will cost between 45 and 48 million euros to “institutions that have shown interest”.
"In two or three weeks, Santa Casa will have acquired a stake in Caixa Económica. I don’t know which exact stake, since it is Santa Casa that will make that decision. ”
On that interview, Tomás Correia clarified that he did not negotiate tax credits with the Government or any minister, which ascended to 808 million euros and allowed the institution to leave a negative equity hole in 2016. He says it was a “coincidence” that the end of tax exemption took place just as Montepio was granted those tax credits.
