“I would very much like to continue working with Sonangol and Fosun, but BCP is well prepared”

Miguel Maya has just presented the first-quarter results and begun a new term as head of BCP. In an interview with ECO, as part of the IRGAwards, he discusses the bank’s challenges, particularly the possibility that some of its major shareholders might withdraw.

“I would very much like to continue with Sonangol, with Fosun, with the shareholders, and to have more shareholders. I wouldn’t want to lose any shareholder. Fortunately, as a result of the work that has been done, this is an issue that the bank can now address with a sense of calm that it did not have in the past”, he says.

Regarding the challenges facing the sector, rather than international instability or the economic cycle, he highlights the issues of talent and cybersecurity. And, as priorities for this new term, he places two above all others: “Delivering the strategic plan and completing the term without me being missed at all – in other words, leaving the bank prepared to replace me.”

Miguel Maya is a nominee for the CEO award at the IRGAwards, an initiative by Deloitte, alongside Cláudia Azevedo (Sonae), Paulo Macedo (CGD), João Bento (CTT) and Pedro Castro e Almeida (Santander).

2025 was a very positive year in terms of results. In fact, BCP recently presented its first-quarter results, which remain positive. How would you describe, in very general terms, this start to the year and the outlook for the business for the rest of 2026?

It’s been a good start to the year and, above all, this reflects — more than the work done this quarter — the work done in the past. It’s a bit like farming: you have to sow the seeds before you can reap the harvest, and now we have to sow seeds every month, we have to sow seeds every day.

The transformation the bank has undergone over the last decade has been very, very significant. And, obviously, today, with a very robust capital position, very robust liquidity, highly qualified professionals and very committed people, we have, quarter after quarter, delivered results that I don’t consider exceptional, but which are certainly positive.

If you looked back a few years, at the start of this recovery process, was this where you wanted the bank to be? Or is there that constant dissatisfaction?

Constant. When I look at a glass, I can only see what’s missing to fill it up. I’ve had this enormous difficulty for many years in seeing what’s already been done, and so I always look back and what I can see is what I could have done better, what we could have done better as an organisation.

I think a great deal has been done really well, with many courageous and difficult decisions having been implemented, but I always believe there is room for improvement. I have no doubt that we have also made some mistakes – I won’t go into detail about them, though fortunately none were serious – and, above all, that we have learnt from them and that, with each passing day, we are better placed to do even better than we have done in the past.

We are living in a context of extreme instability, even on an international scale, in countless ways, with the natural spillover into the financial markets. Does this instability have a major impact on your day-to-day lives, or have you already got used to this strange new normal?

It has a major impact on our daily lives, because today we live in a highly unpredictable environment; consequently, the importance of having projections and different scenarios to deal with a reality that is very difficult to predict is becoming increasingly crucial.

And it’s not just about having the scenario, ‘look, after all, we’d planned for this’. It’s about the process of preparing the scenario itself. In other words, it forces us to reflect on what could go wrong, what might happen, and how we’ll react if this or that occurs. More important than the scenario itself is the exercise of reflection and mobilising teams to think about and be prepared for what might happen.

But let me also highlight the positives. If, 10 years ago, someone had told me that we would have a world with two wars and an oil price shock, yet that the economy would remain resilient despite everything, that inflation would remain reasonably under control despite everything, that the economy would keep functioning, and that unemployment would be at 6%, I would have said: “That’s not possible in that scenario”. And for the markets to be as they are, at record highs, I would say: “No, that’s not possible.” And the truth is – and this is the positive part – that the global economy, which we all criticise, with which we are never satisfied, is, despite everything, far more resilient than it was in the past.

So, all the efforts that have been made, for example, in energy diversification and the climate transition – which may not be in the spotlight right now, but are very important – it is those efforts we have been making over time that allow us to be much more robust and much better prepared for these multiple shocks we are currently facing.

A moment ago you spoke of the glass being half empty, half full, but now you’ve also looked at the glass as half full. The economy seems to have developed a series of dynamic buffers that are managing to keep it on a growth path.

But I look at the water in the glass to make sure that when I’m thirsty, it’s there. But that’s not the point. The point is the dissatisfaction we must feel regarding what we’ve left undone. It is in this sense that we must strive, at all levels of the organisation, to realise our potential and not be satisfied simply because, ‘look, we’re already above average’. And so what? So, if our potential was to be up here, right up against the barrier, should we be satisfied just because we’re above average? No, we shouldn’t be satisfied because we have to go beyond what we’ve achieved.

And even in the face of this scenario of uncertainty and the changes of recent years, has the role of the CEO evolved, or is it essentially much the same as it always was?

There is a lot of theory on this subject. I truly believe that circumstances shape the exercise of the role to a great extent; therefore, it matters whether a person is in a context of greater investment or not, in a context of greater adversity or lesser adversity. In that sense, they have a significant influence.

On the other hand, when it comes to the fundamentals, I would say no. Fundamentally – and I’m not even talking about a CEO here – for anyone who has the responsibility of managing others, who has the responsibility of leading, the key elements, and those that I consider absolutely essential, are unique.

People who treat those they work with fairly, people who inspire those they work with, people who make others feel that the effort is worthwhile because it benefits the organisation, people who are genuinely concerned about others in the sense that our role is to develop those people, to give them opportunities. These concepts haven’t changed. In other words, that part hasn’t changed.

If I look back, the people who inspired me throughout my career, regardless of the circumstances they faced, were the people who pushed me on. They were the people who made me feel I had a duty to go further. It wasn’t those people who were dazzled or satisfied with what I did. It was the people who, when I was at 98, said I had to get to 99, or when I was at 50, said I had to get to 51.

And that is the responsibility of a leader. And to support people when they need it. That essential aspect, which is the core of leadership, I would say has not changed.

What do you see as the main risks to the sector in the short term? Is it economic growth? Is it inflation?

That’s probably the answer you were expecting: wars, economic growth and inflation. I’m going to mention the two things that keep me awake at night. War, in its human dimension, is what worries me most. But it’s not the economic aspect; it’s people’s suffering. That is unparalleled. Everything else is secondary when it comes to human suffering.

Leaving that aspect aside – though there is little I can do about it either – what worries me is talent. And talent, once again, isn’t just about having talent. It’s about having talent and that talent wanting to realise its potential. It isn’t enough just to have it. This is an absolutely central issue and it is where my main concerns lie. Because, I repeat, these people have no obligation to stay at the bank. They could leave tomorrow. And these people are the bank. These people are the bank’s future. Therefore, they are absolutely indispensable.

The second issue relates to the whole subject of cybersecurity, because the digital transition is a major factor for banks today. It is an area in which we invest heavily and study extensively, but none of us can claim to always be one step ahead.

We must be prepared not only to prevent attacks, but also to ensure that, if and when – and that day will come – we have the capacity to keep operations running.

Fortunately, it is not about capital, nor is it about liquidity; it is about talent and the technological aspect, particularly in terms of security.

People sometimes don’t realise this. When I joined the banking sector in 1990, the average bank customer visited the bank once a month. At BCP today, on average, they visit the bank 35 or 36 times a month. Not the branch, but they log in via the app, etc. But they are inside the bank. It’s the same as going to an online or physical supermarket. They’re at BCP, they log into BCP with their credentials, carrying out transactions.

And they have their lives there, really.

And they have their lives there. So all of this – talent and technology – is absolutely crucial to ensuring we continue to earn our customers’ trust and preference.

Looking briefly at the theme of this year’s IRGAwards, there is talk of harnessing human potential. BCP has been investing, as have other banks in the system, no doubt, in the field of artificial intelligence. How is that process going? Is it an investment that will be ongoing and recurring, something that will have to be done every year, or is there a transformation process after which it will be able to reach cruising speed?

Artificial intelligence is a general-purpose technology that will substantially change consumer habits and business models, and will bring about a very marked transformation, just as electricity, the internet and mobile telephony did. It has a huge impact. I believe I was reading just today, in a consultancy report, that around 58% of the work currently carried out by people could be transformed. I never take these figures from consultants at face value. Things always happen more slowly than they say, but they do happen; therefore, things are gradually changing.

In the case of BCP, I have no doubt that artificial intelligence will significantly change banking business processes and will greatly alter the way people perform their roles. And what are we doing? Point number one: this isn’t just a matter for a few individuals; it’s a matter for the organisation as a whole. Therefore, it’s a change that must begin with a cultural shift.

The greatest advantage of generative artificial intelligence is that it enhances people’s capabilities. It is not about the processes. It is about enhancing people’s capabilities. And so, if we recognise this, we must realise that we will have to work with artificial intelligence at every level of the organisation and we must train everyone to be prepared.

At BCP, the only people who won’t receive training are those who choose to opt out. We’ve set up an artificial intelligence academy and have already started training 6,000 people. So now it’s up to each individual to seize the opportunity. Luck happens when preparation meets opportunity. We want people to be prepared. If people invest in themselves, I believe opportunities will arise and luck will follow. If people turn a blind eye, thinking, “Oh, I’m too old for this, oh, I’m 50, or 55, or 61, I’m not up to it anymore”…

Or think that in my role it isn’t important, is it?

It applies to every role. There isn’t a single role in the bank where the subject of artificial intelligence won’t bring about change or enhance a person’s skills. Everyone needs to realise this potential. The bank has a duty to provide the opportunity, but seizing that opportunity is up to each individual. We are doing it, we will continue to do it, and it is a journey that has begun. So we will continue to invest significantly over the coming years, because this isn’t something that can be done in three or four years.

BCP has this strategic focus and has the means to achieve it. What I’m asking you is whether we, as a society, are doing enough to ensure that we don’t leave people — or too many people — behind and excluded from this revolution. In the gap between what will be destroyed and what may be created, aren’t we, as a society, running the risk of leaving too many people behind?

Let me put it this way. I think one of the characteristics – now we’re back to the characteristics of leadership, starting with government leaders, and all of us – is telling people the truth. I have no doubt that some people will be left behind. What we have to do is ensure that the number is as small as possible and have a social safety net to support those who are left behind.

“No one is left behind”… these statements, to me, are empty words. I don’t believe a word of it. I’ve stopped believing what they’re saying. For one reason in particular: because they’re neglecting the importance of ensuring that these people have a dignified life. We have to raise and distribute the taxes we pay precisely to ensure that these people have the right to a dignified life. That is humanity.

I have been very enthusiastic about the introduction of English in schools, computers in schools, and investment in renewable energy. There are a number of changes we need to make. I believe that, today, the education people receive at school must increasingly prepare them for this reality. This is very, very, very important. In fact, I must confess – and I may even be misunderstood – but when I see the limitations people want to impose on young people in certain areas, I think… it’s very difficult. It’s a very complex issue. What we need to do is prepare people, from a very early age, to know how to make choices.

Because to think that you can hide the sun with a sieve, I have serious doubts. What we need to do is prepare people so that they can make their own choices. There is the family aspect and there is the school aspect. Therefore, I think there needs to be a very significant investment in schools, because this is a reality. It is impossible to hold back technology.

You recently said that you are not concerned about the possible departure of major shareholders, notably Fosun. Fosun, given the time it came in, is more than just a major shareholder; it was a partner, as were others, including Sonangol, which helped the bank along this path. Does this really not concern you, as a manager?

You need to look carefully at what I said. What I said was this: there was a point in the bank’s history when it was in a vulnerable position and, therefore, a shareholder who might have pulled out could have caused enormous damage.

And Sonangol and Fosun played a crucial role in this regard. Crucial. I am deeply grateful. Another way of putting it is this: “Today, fortunately, we are reaping the benefits of the support they gave us when Portugal was almost toxic and the financial system, at the time, was very toxic. They provided us with the conditions to carry out this transformation, and the shareholders were fundamental.”

The bank has undergone this transformation. What I meant to say – and I believe I did say – is that the bank is prepared so that, should any shareholder wish to leave at any point, the bank retains the appeal and the capacity not to allow its service to customers to be affected as a result.

I would very much like to continue with Sonangol, with Fosun, with the shareholders, and to have more shareholders. I do not want to lose any shareholder. Now, what I am saying is this: fortunately, as a result of the work that has been done, this is an issue that the bank can now address with a peace of mind it did not have in the past.

Fosun’s stake has gone from 30% to 20% and BCP’s share price has continued to rise. So all of this is very important. What I’m saying is that the year is much better prepared. I don’t want any shareholder to leave the bank.

But what I wanted to know is, for you, as a manager, is it something that takes up part of your day to think about?

No, I’m focused on my executive responsibilities. I’m focused on creating value. And creating value starts with the quality of customer service, customer loyalty and, of course, profitability.

If I do that job well, all the other problems that may arise will be resolved because there are people who are interested, because there are more investors who feel that the bank’s profitability justifies investing in it. That is the level of protection I need to focus on. But my ability to add value in those other areas is very limited.

You were recently reappointed to lead the institution for a new term, in a board that has seen some changes but also continuity. You have already gone through several cycles within BCP itself. In what spirit do you approach this new term?

Obviously with great enthusiasm. I have had the privilege of working with outstanding staff at the bank. I have had mentors throughout my professional career in every role, in every area I have worked in at Banco Comercial Português.

In recent years, moreover, I have been able to rely on an absolutely exceptional executive team, made up of absolutely exceptional people, whether in terms of their personal qualities, their commitment, or their professional expertise.

Now, two people are leaving the executive team, and these two are leaving because they have reached the end of a cycle and have even taken the care to have several alternatives ready, because the bank has several people on its board who could serve as directors of BCP. I have no doubt about that.

So, I look ahead with enthusiasm because when we’re in the thick of things and part of a good team, it’s hard not to be enthusiastic. I’m very enthusiastic about the challenges ahead of us.

And can you share the goals you have for yourself and your team, looking towards the end of your term of office, when your term ends, what would you like to be able to say: “I did”?

It’s very simple. There are two things I’d like to be able to say I’ve done. I’ve delivered the strategic plan I presented to the market. And I’ve managed the transition to my successor in an absolutely remarkable way, because the bank won’t miss me at all.

If I manage to do these two things – deliver the strategic plan and complete my term of office – and I am not missed at all, that is to say, I have left the bank prepared to replace me and with the conviction and certainty that whoever comes next will do better, then I will have fulfilled my mission.