The chairman of Caixa Geral de Depósitos (CGD), Paulo Macedo, has reaffirmed the group’s commitment to remaining the majority shareholder of Banco Comercial e de Investimentos (BCI), stressing that the bank intends to maintain its presence in Mozambique for as long as it is welcomed by the country’s authorities.
Speaking at CGD’s headquarters in Lisbon during the presentation of the group’s first-quarter 2026 financial results, Macedo said: “We want to continue in Mozambique and remain the majority shareholder of the bank as long as we are welcome by the Mozambican authorities.”
BCI’s shareholding structure is led by the CGD Group, which holds more than 60% of the bank’s capital, while Portugal’s BPI owns a further 35.67%.
CGD has also been studying the possibility of listing BCI on the Mozambique Stock Exchange (BVM). The issue was discussed during a meeting held in May in Maputo between Paulo Macedo and Mozambique’s President, Daniel Chapo. Macedo confirmed the intention but noted that any listing would depend on investor demand for the bank’s shares.
“The Caixa understands that it is precisely during these moments that it must reaffirm its presence.”
Listing Would Not Affect Majority Control
According to Macedo, listing BCI on the stock exchange would not be incompatible with CGD retaining majority ownership.
“Regardless of whether we sell any shares or not, CGD intends to keep the majority of the capital,” he said, reiterating that this position will remain unchanged as long as it aligns with “the wishes of the Mozambican authorities.”
His remarks come after BPI expressed its intention in February to sell its stake in BCI.
Present in Good Times and Challenging Times
“We are in Mozambique during the good times and the difficult ones. The country has faced a range of challenges, including natural disasters, economic pressures and geopolitical developments, and Caixa believes that these are precisely the moments when it should reinforce its commitment,” Macedo told President Chapo.
The meeting with the Mozambican Head of State also explored opportunities to establish investment concessions negotiated between the Portuguese and Mozambican governments, supporting the implementation of agreements recently reached under the framework of bilateral cooperation.
Caixa Geral de Depósitos reported a net profit of €397 million in the first quarter of 2026, up 1% from the same period in 2025. BCI contributed €24 million to the group’s earnings, while BNU Macau generated €13 million and BCG Angola €5 million.
Overall, CGD’s international operations contributed €49 million to net profit, representing 12% of the group’s total earnings, compared with 9% in the first quarter of 2025.
