Fintech: Banco Montepio's agreement to sell BEM to Rauva is due to be signed on September 8, 2023. But the transaction has not yet reached the Bank of Portugal.
Jornal Económico found that the application submitted by Rauva to buy Banco Empresas Montepio (BEM) for around 30 to 35 million euros has not yet been received by the banking supervisor to carry out the necessary evaluation and authorization.
This is despite the fact that the purchase agreement has been signed and officially announced by both the fintech and Banco Montepio, the news is surprising because it has been a year since the agreement was signed and so far all the news indicates that the process has already been referred to the Bank of Portugal. As stipulated by law, it is the European Central Bank (ECB) that makes the decision on the purchase of eligible shares in eurozone banks, but it does so not only based on the assessment of the acquisition proposal, but also based on the draft decision of the Bank of Portugal.
When contacted, Banco Montepio, which signed the agreement to sell the banking license to Banco de Empresas Montepio (BEM) in 2023, expressed surprise, but replied that it was up to Rauva to submit the takeover application to regulators.
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