Caixa Geral de Depósitos

Caixa Geral de Depósitos

Type	State-owned enterprise
Industry	Banking
Founded	1876 (1876)
Headquarters	Lisbon, Portugal
Website	www.cgd.pt

Caixa Geral de Depósitos (CGD) (Portuguese pronunciation: [ˈkajʃɐ ʒɨˈɾaɫ dɨ dɨˈpɔzituʃ]) is a Portuguese state-owned banking corporation, and the second largest bank in Portugal. CGD is Portugal's largest public sector banking corporation, established in Lisbon in 1876.

CGD now has presence in 23 countries spanning four continents through branches, representative offices or direct equity interests in local financial institutions. CGD is the largest Portuguese financial group, with the highest domestic market shares in key areas such as customer deposits, loans and advances to customers, mortgages, insurance, mutual funds and real estate leasing (11.4%). Based on assets, it ranks 109 in terms of the world’s major banks. CGD is the 69th largest European bank.

History

Caixa Geral de Depósitos' headquarters in Lisbon.

1876 — Caixa Geral de Depósitos was founded under the aegis of the Junta de Crédito Público.
1880 — Caixa Económica Portuguesa was founded as a savings bank for Portugal's poorer classes.
1885 — The two Caixas merged.
1896 — CGD was spun off from the Junta de Crédito Público. This was followed by the creation of Caixa de Aposentações for wage earners and Monte de Piedade Nacional, a pawnbroking operation.
1918 — CGD developed general banking operations.
1924 — CGD acquired Banco Financial Português in Brazil.
1969 — CGD, a public service subject to the state's administrative rules, became a state-owned company.
1974 – CGD acquired a 5% stake in Banco Itaú when Itaú acquired Banco Português do Brasil, founded in 1918.
1975 — CGD established a branch in Paris.
1988 — CGD acquired Banco Nacional Ultramarino. With it, CGD got Ultramarino's ownership in several operations abroad, including Banco Internacional de São Tomé e Príncipe.
1991 — CGD acquired Banco de Extremadura in Spain and Chase Manhattan Bank España. Banco de Extramadura traces its origins back to 1939. In 1965, the name became Sánchez de Cáceres and in 1972 transformed into Banco de Extremadura. After CGD acquired it, Chase Manhattan Bank España became Banco Luso-Español.
1993 — CGD became an exclusively state-owned public company
1995 — CGD's acquired Banco Simeón, in Spain, from Banesto. Banco Simeón had been founded in 1857 in Vigo, Spain.
1997 — CGD established Banco Comercial e de Investimentos in Mozambique.
1998 — CGD acquired Banco Bandeirantes in Brazil, to which it transferred some accounts from Banco Financial Português. It also established a branch in Cape Verde, which in 1999 it converted to a subsidiary, Banco Interatlântico, of which it now owns 70%.
2000 — CGD acquired Banco Comercial do Atlântico, making the CGD Group the most important financial institution in Cape Verde. CGD also acquired the Mundial Confiança insurance company and Banco Totta & Comercial Sotto Mayor de Investimento, which it later renamed Caixa-Banco de Investimento. CGD acquired majority control of Banco Internacional de Sao Tome e Principe. CGD sold Banco Bandeirantes to Brazil's Unibanco in return for a 12% share in Unibanco. At the time, CGD held a 4.6% stake in Banco Itaú, which it was forced to give up under conflict of interest rules.
2001 — CGD opened a branch in Dili, East Timor. CGD also merged in Banco Nacional Ultramarino, effectively ending its separate existence, though the name survives in CGD's subsidiary in Macau. Lastly, CGD merged Banco Franco Portugũes into its Paris branch.
2002 — CGD combined its three commercial banks in Spain: Banco Luso-Español, Banco de Extremadura, and Banco Simeón, into one bank under the Banco Simeón name.
2004 — CGD took a controlling interest of 91% in the South African bank holding company, Mercantile Lisbon Bank Holdings Limited (MLBH) (now known as Mercantile Bank Holdings Limited) .
2005 — The alliance between CGD and Unibanco dissolved, with CGD selling its shares.
2006 — Banco Simeón changed its name to Banco Caixa Geral.
2008 — On 28 February, the Central Bank of Brazil authorized CGD to set up Banco Caixa Geral-Brasil in Brazil.
2009 — Throughout the European sovereign debt crisis, CGD was a target to several rescue aid initiatives granted to the bank in distress by the Portuguese government.
2012 — European Commission approved the recapitalisation of the bank by the Portuguese government ^[1]
2016 — In July, amidst an impending crisis which included the resignation of the board of directors and the preparation of another government bailout, CGD announced that it was going to cut 2,500 jobs between 2017 and 2020, through early retirement and mutual agreement.^[2]

Business units

CGD engages in, inter alia, retail banking, commercial banking, investment banking and venture capital, asset management, specialised credit, and insurance

Retail banking

Consumer finance, mortgage lending, credit cards, and deposits to individuals, businessmen, and micro companies

Commercial banking

Loans, current accounts, investment project financing, discounting bills, venture capital, factoring, equipment and property leasing, syndicated loans, underwriting services to large companies, small and medium enterprises, and the government sector

Corporate finance

Acquisitions, mergers, restructuring, privatizations, subscription and placement of securities, securitization, preparation and organization of syndicated loans, investment management, financial analysis of markets and companies, and advisory services

Trading and sales segment

Management of the securities portfolio and issued debt instruments; and money and foreign exchange markets, repo and security loan, and wholesale brokerage operations, as well as offers derivative instruments, and loans and advances to other credit institutions

Insurance

Various life and non-life insurance products

Asset management

Open or closed unit trust and property funds, and wealth management funds

International operations

Caixa operates internationally through a variety of branches, affiliates, and subsidiaries

Africa

Angola - 50% of Banco para Promoçao e Desenvolvimento (joint venture with Sonangol)
Cape Verde — Subsidiaries: Banco Comercial do Atlântico and Banco Interatlântico
Mozambique — BCI Fomento and Banco Nacional de Investimento (BNI)
São Tomé and Príncipe — Banco Internacional de São Tomé e Príncipe (BISTP)
South Africa — Mercantile Bank Ltd

Europe

Brussels, Belgium — Representative office
Paris, France — Branch
Berlin, Germany — Representative office
Spain — CGD has a subsidiary, Banco Caixa Geral, headquartered in Vigo, and a branch of the parent in Madrid.
London, United Kingdom - Representative office

Americas

Brazil — Banco Caixa Geral Brasil
- São Paulo — Representative office
Cayman Islands — Branch
Mexico City, Mexico — Representative office
United States — Branch in New York City
Canada, Toronto - Representative office

Asia

PR China — Branch in Zhuhai (Guangdong)
Macau — Banco Nacional Ultramarino and an offshore subsidiary
East Timor — Ten branches in Dili and the other districts of East Timor
India — Representative offices in Mumbai and Pangim (Goa)

References

Members of Euro Banking Association

Austria	Allgemeine Sparkasse Oberosterreich Bank für Tirol und Vorarlberg AG BKS Bank AG Erste Group Bank AG Oberbank AG Oesterreichische Nationalbank Raiffeisen Zentralbank Österreich AG Raiffeisenlandesbank Oberösterreich AG Raiffeisen-Landesbank Tirol AG Steiermärkische Bank und Sparkassen AG

Belgium	Dexia Bank NV KBC Bank NV Bank van De Post

Cyprus	Bank of Cyprus Hellenic Bank

Denmark	Amagerbanken A/S Arbejdernes Landsbank A/S Danske Andelskassers Bank A/S Danske Bank A/S DiBa Bank A/S Djurslands Bank A/S Jyske Bank A/S Nordjyske Bank A/S Nørresundby Bank Østjydsk Bank A/S Ringkøbing Landbobank Roskilde Bank A/S Skjern Bank Spar Nord Bank Sparekassen Sjælland Sydbank A/S Vestfyns Bank A/S Vestjysk Bank

Finland	Aktia Bank PLC Bank of Åland PLC Pohjola Bank PLC S-Bank LTD. Tapiola Bank LTD

France	Banque Michel Inchauspé - BAMI Banque Palatine BNP Paribas SA BPCE BRED Banque Populaire Crédit Agricole SA Crédit Coopératif Crédit du Nord Crédit Mutuel Arkéa Credit Mutuel CIC Banque HSBC France La Banque postale Natixis Société Générale

Germany	Berenberg Bank BHF Bank Bremer Landesbank Commerzbank AG Deutsche Bank AG Deutsche Bundesbank Deutsche Postbank DZ Bank AG Europe Arab Bank Frankfurt Hamburger Sparkasse AG J.P. Morgan Chase Bank AG Landesbank Baden-Württemberg Landesbank Berlin Holding Landesbank Hessen-Thüringen Oldenburgische Landesbank SECB Swiss EURO CLEARING Bank GmbH The Bank of New York Mellon, Frankfurt Branch VTB Bank (Deutschland) AG

Greece	Alpha Bank SA Eurobank Ergasias SA National Bank of Greece SA Piraeus Bank SA

Hungary	Magyar Nemzeti Bank OTP Bank FHB Mortgage Bank Merkantil Bank Kereskedelmi és Hitelbank Magyar Takarékszövetkezeti Bank MKB Bank Porsche Bank Hungaria Kinizsi Bank MagNet Bank Hanwha Bank Budapest Hitel- és Fejlesztési Bank

Ireland	Allied Irish Banks Bank of Ireland

Italy	Banca Agricola Popolare di Ragusa Banca del Fucino Banca del Piemonte Banca delle Marche Banca di Imola Banca Monte dei Paschi di Siena Banca Nazionale del Lavoro Banca Popolare del Lazio Banca Popolare dell'Emilia Romagna Banca Popolare di Milano Banca Popolare di Sondrio Banca Popolare di Vicenza Banca Sella Banca Tercas Banco Popolare Cassa di Risparmio della Provincia di Chieti Cassa di Risparmio di Cesena Cassa di Risparmio di Fermo Nuova Cassa di Risparmio di Ferrara Cassa di Risparmio di Loreto Cassa di Risparmio di Ravenna Credito Emiliano Credito Valtellinese ICCREA Banca Intesa Sanpaolo Istituto Centrale delle Banche Popolari Italiane Raiffeisen Landesbank Südtirol – Cassa Centrale Raiffeisen dell'Alto Adige Südtiroler Volksbank – Banca Popolare dell'Alto Adige UBI Banca UniCredit Veneto Banca

Luxembourg	Banque et Caisse d'Épargne de l'État Banque Raiffeisen Banque Internationale à Luxembourg SA KBL European Private Bankers Société Générale Bank & Trust

Netherlands	ABN Amro Bank NV De Nederlandsche Bank ING Bank NV Rabobank Nederland

Poland	Bank BPH SA Narodowy Bank Polski

Portugal	Banco BPI SA Banco Comercial Português Crédito Agrícola Caixa Geral de Depósitos Novo Banco

Slovenia	Banka Slovenije

Spain	Banco Bilbao Vizcaya Argentaria, S.A. Banco Popular Español, S.A. Banco Sabadell, S.A. Bankinter, S.A. Banco Santander, S.A. CaixaBank, S.A. (La Caixa) Catalunya Banc, S.A. (CatalunyaCaixa) Kutxabank, S.A. ABANCA Corporación Bancaria, S.A. (Abanca) Caja Laboral Popular, Cooperativa de Crédito (Caja Laboral) Banco Cooperativo Español, S.A. (Caja Rural) CECABANK, S.A.

Sweden	Skandinaviska Enskilda Banken Svenska Handelsbanken Swedbank AB Nordea Bank AB

United Kingdom	Bank of Tokyo-Mitsubishi UFJ Ltd. Barclays Bank PLC Citibank NA DNB Bank (NOR) HSBC Bank PLC JPMorgan Chase Bank, N.A., London Branch Kookmin Bank International Ltd. Lloyds Bank PLC MashreqBank psc (UAE) Royal Bank of Scotland PLC UBS AG Wells Fargo Bank NA

Non-EU	Bank of China (CHN)

Authority control	WorldCat Identities VIAF: 134371602 SUDOC: 118736078 BNF: cb10149542n (data)

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