<b>Banks face second wave of mergers</b>

January 01, 1999

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Headline: Banks face second wave of mergers Source: Euromoney Date: June 2000 Author: Jules Stewart Last year five private-sector banking groups dominated the Portuguese market. The number has now been whittled down to four. And next year? Jules Stewart reports António de Sousa "All we can say with certainty is that the next round of consolidation will be the one you weren't betting on," says António de Sousa, chairman of state-owned savings bank Caixa Geral do Depósitos (CGD). De Sousa says that in his previous role as governor of the Bank of Portugal he was often asked what he envisaged as the pattern for future bank mergers. "It was assumed that the logical move would be for the family-controlled groups to pool their resources, while the others would get together through the normal merger process of private-sector banks. What we have seen in the last round is just the opposite." The recently completed second round of consolidation involved Banco Comercial Português acquiring the family-owned Banco Mello and Banco Pinto & Sotto Mayor (BPSM), one of the Champalimaud family banks, as well as insurer Imperio.

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BankingJune 2000