Caixa Geral de Depósitos

History

• 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 .
• 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
• 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.

  Business units

Retail banking

Commercial banking

Corporate finance

Trading and sales segment

Insurance

Asset management

International operations

Africa

• Angola - 50% of Banco para Promoçao e Desenvolvimento
• Cape Verde — Subsidiaries: Banco Comercial do Atlântico and Banco Interatlântico
• Mozambique — BCI Fomento and Banco Nacional de Investimento
• São Tomé and Príncipe — Banco Internacional de São Tomé e Príncipe
• 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, Caribbean — Branch
• Mexico City, Mexico — Representative office
• Canada, Toronto - Representative office

  Asia

• PR China — Branch in Zhuhai
• 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