Portugal’s CGD boss quits
THE board chair of Portugal’s troubled state-owned Caixa Geral de Depositos bank has resigned after weeks of pressure as he refused to declare his assets.
Portugal’s government said it “regretted” Antonio Domingues’ decision, adding he would not leave his post until the end of December.
The government will submit its nomination for his replacement to European banking authorities with Mr Domingues’ successor set to be charged with “following the recapitalisation plan that has already been approved” for Portugal’s biggest bank.
The European Commission approved a recapitalisation plan for the ailing lender in August. The total capital could run to over 5 billion euros (US$5.3 billion), including 2.7 billion injected directly by the state.
The bank has suffered a string of controversies, including a row over high director pay and Mr Domingues’ refusal to declare his income and property to the constitutional court.
The government had accepted that Mr Domingues and his team of directors be exempted from the rule, prompting sharp criticism from the opposition.