Banco Comercial Portugues (BCP) shareholder Jose Berardo said he plans to keep his 6 percent stake in Portugal’s second-largest listed bank.
“I maintain my position,” Berardo said in a telephone interview. “I’m waiting for better days. It’s not reasonable to sell at this point.”
Banco Comercial has dropped 76 percent this year. The bank rose 4 percent to 13 cents a share at 3:44 p.m. in Lisbon trading today.
After losing so much market value, it’s “possible” that Banco Comercial will become a takeover target, Berardo said.
“All it takes is a capital increase for that to happen,” he said. It would help Banco Comercial if the Portuguese government paid back debt it owes to the country’s banks, Berardo said.
Portugal’s government said on Dec. 2 it planned to transfer to the state as much as 6 billion euros ($8.1 billion) from Portuguese banks’ pension funds and use part of that to pay off part of the state’s debts that are held by banks.
To contact the reporter on this story: Henrique Almeida in Lisbon at email@example.com
To contact the editor responsible for this story: Angela Cullen at firstname.lastname@example.org