Banco Santander Central Hispano and Banco Comercial Portugués Agree to Refocus Iberian Strategy
The decision reflects both groups’ interest in meeting new trends in the European banking sector, especially opportunities arising in the context of the euro. BSCH as a result will now develop its own business strategy in Portugal, consistent with its dimension and under its own brand, with the objective of efficiently consolidating its presence in the Portuguese market. In the context of this new strategy, BSCH will recover the 2.7% of its capital now held by BCP, and the Portuguese bank its 13.8% held by BSCH. The cross-shareholding accord has been in effect since 1993. The seat on the BSCH board till now occupied by a representative of BCP will be taken by Antonio Basagoiti, an Executive Vice President at BSCH.