Economists and businessmen to protest over “Spanishing” of Portugal’s banks

As many as 50 economists and businessmen have signed up to a manifesto protesting against what they call the “Spanishing” of Portugal’s banks. According to Económico website, the document will be announced on April 5, and echoes concerns already raised by prime minister António Costa and Portugal’s new president Marcelo Rebelo de Sousa. The ‘last straw’ in a string of banking changes was the purchase of Banif by Santander, explains Económico.

Among those signing their names to the manifesto are former TAP chairman Manuel Pinto Barbosa, and former president of Caixa Geral de Depósitos João Salgueiro.

As Económico explains, the movement wants to give expression to the increasing concern that has arisen since Santander Totta bought Banif.

“There is the conviction that the ECB, which supervises European banking, wants strong Iberian banks to offset the deficits of capital that have affected national banks.

“The sale of Novo Banco scheduled for July and the negotiations at BPI for the withdrawal of Isabel dos Santos and sale to Caixabank are situations that feed this concern.”

During his recent official visit to Spain, President of the Republic Marcelo Rebelo de Sousa said that while it was important to have a Spanish presence in the country’s banking sector, “it should not be exclusive”. No economy should have an exclusive position over another economy, said Marcelo.

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