BSCH and Champalimaud Group Agree Broad Strategic Alliance In Portugal and Brazil
BSCH will acquire 40% of the Champalimaud holding company, which has shareholdings in major companies in Portugal in the area of insurance (Mundial Confiança), retail banking (Banco Pinto e Sotto Mayor-BPSM), Banco Totta Açores-BTA) and Crédito Predial Portugues), and in wholesale banking. At the same time, Champalimaud will acquire 1.6% of BSCH, in exchange for the 40% of its holding company. In the area of retail banking, the agreement also involves BPSM taking a 48% stake in Grupo Santander Central Hispano in Portugal and 20% of the BSCH subsidiary in Brazil, as a result of which Grupo Champalimaud will make its entry to the Brazilian market. In wholesale banking activities, the two partners will set up a jointly owned holding company, controlling their respective activities in Portugal.