The Minister of Economy, Antonio Costa Silva, invited Antonio Horta Osorio to the post of President of Banco do Fomento, Expresso confirmed. With a successful career in foreign bank restructuring, Horta Osorio rejected the challenge. Since leaving Lloyd’s Bank and after a short six-month stint at Credit Suisse in 2021, the banker has decided not to accept any kind of executive position.
A month earlier, during the debate on the government’s program at the Assembly of the Republic, Costa Silva assumed he was looking for leadership for Banco de Fomento (BF), which he said was “working and on the ground”, lacking a chairman with “a strategic vision and a connection to the business world” . Horta Osorio would be suitable for the profile, but his lack of availability in principle for this kind of commitment forces the government to find an alternative. So far, no name has been known who heads the institution that should support Portuguese companies and which the Minister of Economy mentioned this week, at a conference at the Porto Business Association, unlike the President of the Republic who warned in the same place about the history of failure of successive development banks in Portugal – as an important part of the Capitalize the fabric of our business.
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