CTT’s board has decided to begin a process to sell a controlling stake in Banco CTT, the Portuguese postal operator said on Tuesday. It did not provide a timeline for the process, which is subject to existing contractual obligations between the bank’s current shareholders.
The decision follows a strategic review of CTT’s options. In July, the company disclosed that it had received an unsolicited, non-binding expression of interest concerning a potential transaction involving Banco CTT. At the time, CTT said it was too early to conclude that the approach would lead to a transaction or partnership.
CTT said it remains committed to Banco CTT’s sustainable growth and will favor arrangements that allow it to remain a long-term partner. That could include continuing as a shareholder and using its network to support the bank’s business plan.
The company said it would assess alternatives that best protect the interests of CTT, its shareholders, other stakeholders and Banco CTT. It will inform the market, in line with applicable legal and regulatory requirements, if a process resulting from its strategy is concluded.
Sources: Observador.