Lisbon, July 31, 2026 (Lusa) - Portugal's state-owned Caixa Geral de Depósitos Bank (CGD) is to sell Banco Caixa Geral - Brasil (BCG-Brasil) to MD Capital for €69.7 million, incurring a loss of €11 million, according to a statement released on Friday by the bank.
In a statement to the Portuguese Securities Market Commission (CMVM), CGD noted that the Cabinet had selected MD Capital «to acquire shares representing 100% of the share capital of Banco Caixa Geral - Brasil, S.A. (BCG-Brasil), following an analysis of the binding bids received from the selected potential investors».
According to CGD, the stake in BCG-Brasil will be sold for a total price of 409 million reais, approximately €69.780 million, with «these figures being subject to adjustments arising from changes in BCG-Brasil's net worth from the reference date set out in the direct sale agreements until the closing of the transaction».
The institution highlighted that the estimated accounting impact «incorporates the reclassification to the results for the financial year of an accumulated negative foreign exchange reserve of €80 million» It added that «should the total price be confirmed, the transaction is expected to result in the recognition of a loss of €11 million, representing the difference between this figure and the total transaction price».
CGD also indicated that the impact on its accounting equity «will be positive and will represent an increase of approximately 29 basis points in the CET 1 ratio».
Caixa noted that «the completion of the disposal is subject to the fulfilment of the usual conditions precedent, including the applicable regulatory requirements, and to the formalities under Brazilian law».
CGD's chief executive, Paulo Macedo, assured on Thursday that the bank is never willing to sell an asset at any price, whilst considering the sale of shares in Banco Caixa Geral – Brasil to MD Capital to be of interest, for «a positive sum».
The Cabinet's resolution, he said, follows «Caixa's proposal to select» MD Capital and is something that, for CGD, «is of interest».
The sale was part of the Portuguese banking group's plan for the 2017–2020 cycle, when it decided to divest from a number of international activities, but at the time the sale did not go ahead.
The process was relaunched by the government of Luís Montenegro (PSD/CDS-PP) in September 2025, with the aim of CGD selling up to 100% - all or part of the share capital - of Banco Caixa Geral - Brasil.
On 25 March this year, the government shortlisted four candidates to proceed to the next stage of the sale, inviting the companies Garantia Capital S.A., MD Capital Ltda., Nu Financeira S.A. and Sputnik LLC to submit indicative bids.
ALN/AYLS // AYLS
Lusa
