Caixa Geral de Depósitos - Misplaced Pages

(Redirected from Caixa Geral de Depositos) Portuguese public banking institution

Caixa Geral de Depósitos

Company type	State-owned enterprise
Industry	Banking
Founded	10 April 1876 (1876-04-10)
Headquarters	Lisbon, Portugal
Key people	Paulo Macedo (CEO)
Website	www.cgd.pt

Caixa Geral de Depósitos (CGD) (Portuguese pronunciation: [ˈkajʃɐ ʒɨˈɾal dɨ ðɨˈpɔzituʃ]) is a Portuguese state-owned banking corporation, and the largest bank in Portugal, established in Lisbon in 1876.

CGD now has presence in 23 countries spanning four continents through branches, representative offices or direct equity interests in local financial institutions. CGD is the largest Portuguese financial group, with the highest domestic market shares in key areas such as customer deposits, loans and advances to customers, mortgages, insurance, mutual funds and real estate leasing (11.4%). Based on assets, it ranks 109 in terms of the world’s major banks. CGD is the 69th largest European bank.

CGD has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank.

History

1876 — Caixa Geral de Depósitos was founded under the aegis of the Junta de Crédito Público.
1880 — Caixa Económica Portuguesa was founded as a savings bank for Portugal's poorer classes.
1885 — The two Caixas merged.
1896 — CGD was spun off from the Junta de Crédito Público. This was followed by the creation of Caixa de Aposentações for wage earners and Monte de Piedade Nacional, a pawnbroking operation.
1918 — CGD developed general banking operations.
1924 — CGD acquired Banco Financial Português in Brazil.
1969 — CGD, a public service subject to the state's administrative rules, became a state-owned company.
1974 – CGD acquired a 5% stake in Banco Itaú when Itaú acquired Banco Português do Brasil, founded in 1918.
1975 — CGD established a branch in Paris.
1988 — CGD acquired Banco Nacional Ultramarino. With it, CGD got Ultramarino's ownership in several operations abroad, including Banco Internacional de São Tomé e Príncipe.
1991 — CGD acquired Banco de Extremadura in Spain and Chase Manhattan Bank España. Banco de Extramadura traces its origins back to 1939. In 1965, the name became Sánchez de Cáceres and in 1972 transformed into Banco de Extremadura. After CGD acquired it, Chase Manhattan Bank España became Banco Luso-Español.
1993 — CGD became an exclusively state-owned public company
1995 — CGD's acquired Banco Simeón, in Spain, from Banesto. Banco Simeón had been founded in 1857 in Vigo, Spain.
1997 — CGD established Banco Comercial e de Investimentos in Mozambique.
1998 — CGD acquired Banco Bandeirantes in Brazil, to which it transferred some accounts from Banco Financial Português. It also established a branch in Cape Verde, which in 1999 it converted to a subsidiary, Banco Interatlântico, of which it now owns 70%.
2000 — CGD acquired Banco Comercial do Atlântico, making the CGD Group the most important financial institution in Cape Verde. CGD also acquired the Mundial Confiança insurance company and Banco Totta & Comercial Sotto Mayor de Investimento, which it later renamed Caixa-Banco de Investimento. CGD acquired majority control of Banco Internacional de São Tomé e Príncipe. CGD sold Banco Bandeirantes to Brazil's Unibanco in return for a 12% share in Unibanco. At the time, CGD held a 4.6% stake in Banco Itaú, which it was forced to give up under conflict of interest rules.
2001 — CGD opened a branch in Dili, East Timor. CGD also merged in Banco Nacional Ultramarino, effectively ending its separate existence, though the name survives in CGD's subsidiary in Macau. Lastly, CGD merged Banco Franco-Português into its Paris branch.
2002 — CGD combined its three commercial banks in Spain: Banco Luso-Español, Banco de Extremadura, and Banco Simeón, into one bank under the Banco Simeón name.
2004 — CGD took a controlling interest of 91% in the South African bank holding company, Mercantile Lisbon Bank Holdings Limited (MLBH) (now known as Mercantile Bank Holdings Limited) .
2005 — The alliance between CGD and Unibanco dissolved, with CGD selling its shares.
2006 — Banco Simeón changed its name to Banco Caixa Geral.
2008 — On 28 February, the Central Bank of Brazil authorized CGD to set up Banco Caixa Geral-Brasil in Brazil.
2009 — Throughout the European sovereign debt crisis, CGD was a target to several rescue aid initiatives granted to the bank in distress by the Portuguese government.
2012 — European Commission approved the recapitalisation of the bank by the Portuguese government
2016 — In July, amidst an impending crisis which included the resignation of the board of directors and the preparation of another government bailout, CGD announced that it was going to cut 2,500 jobs between 2017 and 2020, through early retirement and mutual agreement.

Business units

CGD engages in, inter alia, retail banking, commercial banking, investment banking and venture capital, asset management, specialised credit, and insurance

Retail banking

Consumer finance, mortgage lending, credit cards, and deposits to individuals, businessmen, and micro companies

Commercial banking

Loans, current accounts, investment project financing, discounting bills, venture capital, factoring, equipment and property leasing, syndicated loans, underwriting services to large companies, small and medium enterprises, and the government sector

Corporate finance

Acquisitions, mergers, restructuring, privatizations, subscription and placement of securities, securitization, preparation and organization of syndicated loans, investment management, financial analysis of markets and companies, and advisory services

Trading and sales segment

Management of the securities portfolio and issued debt instruments; and money and foreign exchange markets, repo and security loan, and wholesale brokerage operations, as well as offers derivative instruments, and loans and advances to other credit institutions

Insurance

Various life and non-life insurance products

Asset management

Open or closed unit trust and property funds, and wealth management funds

International operations

Caixa operates internationally through a variety of branches, affiliates, and subsidiaries

Africa

Angola - 50% of Banco para Promoção e Desenvolvimento (joint venture with Sonangol)
Cape Verde — Subsidiaries: Banco Comercial do Atlântico and Banco Interatlântico
Mozambique — BCI Fomento and Banco Nacional de Investimento (BNI)
São Tomé and Príncipe — Banco Internacional de São Tomé e Príncipe (BISTP)
South Africa — Mercantile Bank Ltd

Europe

Brussels, Belgium — Representative office
Paris, France — Branch
Berlin, Germany — Representative office
Spain — CGD has a subsidiary, Banco Caixa Geral, headquartered in Vigo, and a branch of the parent in Madrid.
London, United Kingdom - Representative office

Americas

Brazil — Banco Caixa Geral Brasil
- São Paulo — Representative office
Cayman Islands, Caribbean — Branch
Mexico City, Mexico — Representative office
Canada, Toronto - Representative office

Asia

PR China — Branch in Zhuhai (Guangdong)
East Timor — Ten branches in Dili and the other districts of East Timor
India — Representative offices in Mumbai and Pangim (Goa)
Macau (special administrative region of PR China) — Banco Nacional Ultramarino and an offshore subsidiary

References

"Rating Report - Caixa Geral de Depositos, S.A." FitchRatings.com. Retrieved 2022-10-06.
"The list of significant supervised entities and the list of less significant institutions" (PDF). European Central Bank. 4 September 2014.
"List of supervised entities" (PDF). European Central Bank. 1 January 2023.
State aid: Commission temporarily approves recapitalisation of Caixa Geral de Depósitos
"Government confirms resignation of state bank management team".

v t e Banks of Portugal
Central bank	European Central Bank (Banco de Portugal)
major Portuguese banks	Caixa Geral de Depósitos Millennium BCP novobanco
Other retail banks & financial institutions	Banco Português de Investimento (owned by CaixaBank) Banco Santander Totta Banco CTT Crédito Agrícola EuroBIC Montepio
Defunct banks & financial institutions	Banco Espírito Santo Banco Português do Atlântico Banco Português de Negócios Banco Privado Português Banco Nacional Ultramarino Banif

v t e Members of the Euro Banking Association
Austria	Bank für Tirol und Vorarlberg BKS Bank Erste Group Bank Oberbank Oesterreichische Nationalbank Raiffeisen Bank International Raiffeisenlandesbank Oberösterreich UniCredit Bank Austria
Belgium	Belfius BNP Paribas Fortis bpost bank KBC Bank
Cyprus	Bank of Cyprus Hellenic Bank
Denmark	Danske Bank Spar Nord Bank Sparekassen Sjælland Sydbank
Finland	Aktia Bank Bank of Åland DnB Bank Nordea Bank Pohjola Bank S-Bank
France	BNP Paribas BPCE BRED Banque Populaire Crédit Agricole Crédit Mutuel Arkéa My Money Bank La Banque postale Société Générale
Germany	Bank of America Europe (USA) Bank of China (CHN) Berenberg Bank Commerzbank Deutsche Bank Deutsche Bundesbank DZ Bank Landesbank Baden-Württemberg Landesbank Hessen-Thüringen SECB Swiss Euro Clearing Bank Standard Chartered UBS Europe Unicredit
Greece	Alpha Bank Eurobank Ergasias National Bank of Greece
Hungary	OTP Bank
Ireland	Allied Irish Banks Bank of Ireland Elavon
Italy	Banca del Fucino Banca Monte dei Paschi di Siena Banca Popolare del Lazio Banca Popolare di Sondrio Banca Sella Banco BPM BFF Bank BPER Banca Cassa di Risparmio di Fermo Credito Emiliano ICCREA Banca Intesa Sanpaolo Raiffeisen Landesbank Südtirol UniCredit
Luxembourg	Spuerkeess Banque Internationale à Luxembourg Gazprombank Luxembourg (RUS)
Netherlands	ABN AMRO De Nederlandsche Bank ING Bank Rabobank
Portugal	Banco BAI Europa (AGO) Banco BCP Banco Montepio Crédito Agrícola
Slovenia	Bank of Slovenia
Spain	Abanca BBVA Banco Cooperativo Español Banco Sabadell Banco Santander Bankinter CaixaBank Cecabank Ibercaja Banco Kutxabank Unicaja Banco
Sweden	Handelsbanken SEB Swedbank
United Kingdom	Barclays Citibank Europe (USA) HSBC Bank JPMorgan Chase Bank, London Branch (USA) Lloyds Bank MUFG Bank (JPN) NatWest Wells Fargo (USA)

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