Banco Montepio sells 19% stake in Almina for €67 million

  • ECO News
  • 1 July 2021

The bank led by Pedro Leitão has sold its stake in Almina, a mining company in Aljustrel.

Banco Montepio sold its 19% stake in Almina, a mining company in Aljustrel. The operation resulted in a gross cash inflow of €67 million but will have no impact on this year’s results.

In a statement sent to CMVM, the bank led by Pedro Leitão said that the deal will have a positive impact on its capital ratios, “estimated on a pro forma basis at the end of the first quarter of 2021, of 7 basis points in Common Equity Tier 1 ratio and 9 basis points in Total Capital ratio, in both cases reflecting the decrease in risk-weighted assets, while the impact on net income for 2021 was neutral.”

At stake is the sale of 9,500 Almina shares, equivalent to 19% of the mining company’s share capital, with the bank not revealing the identity of the buyer. It only said that “the completion of this transaction materialises Banco Montepio’s strategy of continuous reduction of non-strategic assets and represents one of the measures to increase capital ratios as set out in the Funding and Capital Plan.”

Banco Montepio, which is almost entirely owned by Associação Mutualista Montepio Geral (AMMG), recorded losses of €16 million in the first quarter of the year.