Montepio Bank looks forward to selling its stake in Brazil’s Monteiro Aranha group

Montepio Bank is keen to sell its stake in the Brazilian group Monteiro Aranha. According to ECO, at stake is a block of about 1.2 million shares valued at €40 million, which were inherited by the Portuguese bank following the collapse of the Espírito Santo Group in 2014.

The stake in the Monteiro Aranha Group, a century-old holding company with investments in Klabin (Pulp and Paper), Ultra (LPG and Oil Derivatives) and real estate, had been given by GES as collateral for a €50 million loan to Rioforte, according to information gathered by ECO. Rioforte was the industrial arm of GES, which went bankrupt six years ago.

In September, the Brazilian press had reported that a block of shares valued at R$ 200 million (about €40 million) was on the market, reporting rumours that it was Montepio Bank that was selling its position in the Brazilian group.

Montepio Bank is one of the biggest shareholders of Monteiro Aranha. Bradesco Seguros holds 12.75% of that holding company, while the remaining capital is in the hands of individual shareholders of several families that control the holding company.

Original Story: Eco News | News 
Photo: Banco Montepio site
Edition: Prime Yield