Montepio bank “may change name” to sidestep financial embarrassment

What to do when your owning company is bust, and your own accounts show millionaire losses? According to president of Montepio bank the solution is to change your name.

José Félix Morgado stresses that a ‘divorce’ from Montepio’s owning company Associação Mutualista Montepio could be all that is needed, as the latter has losses of around €350 million while the bank is “stable”, with losses of just €68 million.

The name for Montepio in future is likely to be Caixa Económica, say reports.

There is still no time scale for this change over, and there is likely to continue to be all the negative “noise” that both Morgado and former Montepio boss Tomás Correia (still in charge of the Associação Mutualista) are being so disparaging about.

Correia meantime is a defendant in two criminal prosecutions, as well as the subject of an accusation lodged by the Bank of Portugal.

National tabloid Correio da Manhã explains today that one of the criminal cases centres on a property deal in Coimbra, while the other involves allegations that Correia received €1.5 million from ‘bountiful builder’ José Guilherme.

Guilherme is the same builder who became nationally famous for giving former BES boss Ricardo Salgado” €14 million in cash as a “thank you present”.

[email protected]