CGD will evaluate strengthening its stake in Fidelidade insurance company “if there is an IPO”
Paulo Macedo declined to comment on ECO's report regarding the possibility of strengthening its stake in the insurance company. However, if there is an IPO, Caixa Geral de Depósitos will analyse it.
“If there is an IPO, we will analyse it”. This was how Paulo Macedo, CEO of Caixa Geral de Depósitos (CGD), responded to questions about the possibility of the public bank increasing its stake in the insurance company Fidelidade.
As ECO reported, the public bank and Fidelidade are discussing this possibility. CGD has a 15% stake and could increase it to 30%, according to a source heard by ECO.
Paulo Macedo denied that negotiations on the price are underway, but did not rule out interest. “We have been saying for several years that we were interested – and Fidelidade has also announced that it will be next year – in Fidelidade being listed on the stock exchange. At that point, we will analyse it”, he told journalists during the annual results presentation conference.
“But even if there were negotiations, I would say there weren’t any, wouldn’t I?”, he added.
The chairman of CGD’s executive committee recalled that he has an agreement to market Fidelidade insurance. “Therefore, everything that happens to Fidelidade is something that interests us”, he said. In this context, he revealed that he is working with the insurer to increase insurance sales.
“Where we are most committed is to increasing our customer loyalty and increasing profits for both entities, for us and for Fidelidade in terms of insurance”, he replied.
Caixa announced on Thursday record profits of €1.9 billion in 2025, up 10% on the previous year.
