BCP shares top €1 for first time in nearly 11 years

BCP shares rose above €1 on Tuesday for the first time in almost 11 years, a symbolic milestone in the Portuguese lender’s stock market recovery and one that takes it out of so-called penny stock territory. The shares were up 1.44% at €1.002 in their fifth straight session of gains.

The last time BCP traded above €1 a share was on July 27, 2015, the day of a sharp global market sell-off linked to China. Since then, the bank’s stock has gone through a deep slump and a long recovery. In 2020, during the pandemic, the shares traded below 10 cents for extended periods and hit a record low of €0.067 on October 29 that year.

From that low, the stock has climbed by nearly 1,400% in about six years, as BCP moved from a period of deep restructuring to annual profits of more than €1 billion, the article said. The bank now has a market value of more than €14 billion.

The recovery has also coincided with changes in BCP’s shareholder base. Chinese group Fosun, which invested in 2016 and 2017 and helped the bank repay state support, is now exploring options for its remaining 20% stake, while Angola’s Sonangol, which holds 19.45%, is selling non-strategic assets. CEO Miguel Maya has said the potential exit of anchor shareholders could help the bank move toward a more market-dispersed ownership structure.

Originally published at Eco.pt