Banking & finance annual report
banking system is highlighted
by Novo Banco being up for sale,
Millenium BCP being subject to
state intervention and therefore
having its “hands tied”, as well as
shareholder disputes at Banco BPI.
Lowndes Marques also says that
there are now more non-traditional
lenders – such as Caixa Credito
Agricola – appearing in syndicated
financing deals, though they
are “still feeling their way in the
market”.
Shadow banking
Shadow banking is another growing
trend in the Portuguese market,
according to Lowndes Marques.
He adds: “Private equity funds
and insurance companies want
to lend [in Portugal] – technically
only banks and credit institutions
are authorised, but I don’t think
entities licensed elsewhere can be
stopped from lending in Portugal
– for example, if a credit fund is set
up in Luxembourg or France, can
regulations in Portugal stop them
lending here?”
There is, in general, a greater
emphasis on the manag