Banco Totta & Acores (BTA), one of Portugal’s leading banks, was in turmoil last January. Its shares were in free fall, its chairman had resigned in a huff and investors were on the point of revolt after the announcement of a proposed dividend abysmally below market expectations.
Historically one of Portugal’s most profitable banks, Banco Totta was the first to be returned to the private sector under a government decree that effectively overturned the nationalization policy of Portugal’s 1974 revolution.
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