José Félix Morgado: “I don’t know what a social bank is”

This is the first interview given by José Félix Morgado, one day after leaving his position as chairman of Caixa Económica Montepio Geral before the end of his mandate, which would take place in a year. To ECO24, the manager stated he did his job in the two years leading the bank: separating the shareholder Associação Mutualista from the bank.

“It is only natural that it created some erosion between the Board and the shareholder [headed by Tomás Correia], it is natural that after a while the result has been an interruption of the mandate”, he states. But Montepio is now organized, ready to receive Carlos Tavares, the new chairman. Félix Morgado recalls that when he entered the bank on 2015, it was suffering great losses, and that it returned to profit in 2017: “I am responsible for the bank’s results until yesterday, now it is up to the new board”, he adds.

About the idea that was publicly revealed by Tomás Correia for the future of Montepio, of having a social bank, Félix Morgado replies, sarcastically: “I am familiar with the concept of a food bank, but I don’t know what a social bank is”. The manager believes it would be positive for Montepio to receive new shareholders, because in case of need, it is not dependent on one owner alone. Nonetheless, he states that “the entrance of shareholders that will subscribe half a dozen shares is not relevant enough”.