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Head of Portugal's largest private bank steps down

Head of Portugal's largest private bank steps down

The executive chairman of Portugal's largest private bank, Banco Comercial Portugues, has resigned after three months of quarreling over corporate strategy within the company's board and between major shareholders, the bank announced Friday.
Paulo Teixeira Pinto stepped down after two years in the job, a brief statement said without providing reasons for his departure. He was replaced by Deputy Executive Chairman Filipe Pinhal.
After daily newspapers Friday predicted Teixeira Pinto would be leaving, BCP's share price rose for the first time since a stormy shareholders' meeting on Monday. It closed 3.9 percent higher at euro3.43 (US$4.68).
Three general assemblies in three months have failed to break the deadlock over corporate strategy after BCP's failed euro5.3 billion (US$7.2 billion) takeover bid earlier this year for smaller national rival Banco Portugues do Investimento.
BCP has operations and interests in Greece, Turkey and Poland.
Its main foreign stakeholders are Dutch-based financial services group Eureko BV with just under 10 percent, Dutch-Belgian bank Fortis NV, which has almost 5 percent, and Spain's Banco de Sabadell with around 3 percent.


Updated : 2021-03-06 13:52 GMT+08:00