BPF Administrators Take on Roles in Sofid Management
The directors of the Portuguese Development Bank (BPF) Pedro Miguel Nunes Ventaneira, Sofia Maria Simões dos Santos Machado and Bruno Filipe Aires Rodrigues have taken up office as unpaid executive directors of Sofid, it was announced today.
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© BPF
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Economia Banco de Fomento
In a statement, the BPF specifies that Pedro Miguel Nunes Ventaneira was appointed CEO of Sofid - Sociedade para o Financiamento do Desenvolvimento, Instituição Financeira de Crédito, while Sofia Maria Simões dos Santos Machado and Bruno Filipe Aires Rodrigues were appointed executive directors.
"The appointment of these new corporate bodies is part of the process of transferring Sofid to the Banco Português de Fomento, the national promotional bank, and the necessary audits for this process must now be carried out," it says.
According to the BPF, this transfer "aims to promote synergies in the financial, operational, corporate governance and internal control aspects".
It is also part of the "strategy of broadening the mission of the BPF as a development finance institution (DFI), with the aim of supporting projects by national companies in developing countries, namely allowing an increase in the amounts and types of financial instruments available to companies and access to European funds for these purposes".
Decree-Law no. 119/2023, published on 22 December last year, provided for "the necessary preparatory acts" for the transfer of the State's stake in Sofid to the BPF.
Thus, until June 2025, the directors of Banco Português de Fomento will be able to combine their positions with those of unpaid executive directors on the board of Sofid.
The decree-law also provides for the BPF to audit Sofid, to assess assets and liabilities, and to draw up a strategic plan for Sofid to be submitted to the Government. The Sofid Board of Directors will be responsible for proposing an activity plan and budget.
It will be after these procedures that the State's stake in Sofid will be transferred to the Banco de Fomento, through a capital increase in kind, the value of which will still be determined.
Sofid is a financial entity specialised in supporting companies and direct investment in emerging and developing countries. The State holds 80% of the capital, with minority stakes held by the banks Caixa Geral de Depósitos, BPI, Novo Banco and Caf - Corporación Andina de Fomento.
Leia Também: É preciso "colocar Banco de Fomento em definitivo a chegar às empresas" (Portuguese version)
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