CTT and BCC — Cajamar Cooperative Group, a Spanish bank, have ended negotiations on a potential acquisition of Banco CTT without reaching an agreement. Bloomberg reported this information, noting the Spaniards' withdrawal from the deal.
The Spanish interest led CTT to work with BNP Paribas to explore options for its banking business earlier this year. The group led by Guy Pacheco also hired Rothschild bank to evaluate possibilities regarding Banco CTT. CTT confirmed having received an unsolicited and non-binding approach, although they noted it was too early to say whether it would lead to a deal.
With the Spaniards withdrawing, CTT continues to evaluate strategic options for Banco CTT, maintaining its focus on growing its customer base and strengthening digital capabilities. In 2022, the group sold an 8.7% stake in Banco CTT to the Tranquilidade Generali insurance company in a transaction valued at 290 million euros.
Earlier this year, then CTT CEO João Bento admitted in an interview the possibility of a spin-off of the bank and subsequent stock market listing, stating that "we are not the ideal shareholder for a bank," since the integration of Banco CTT into the CTT Group makes it difficult for investors and analysts to evaluate the company.
