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About BPI

Corporate Governance


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If you cannot find an answer to your question either here or elsewhere on the this website, please contact BPI Investor Relations Team.

What is BPI Group? What are its main areas of activity?

The BPI Group - headed by Banco BPI - is a financial and multi-specialist group, focusing on the banking business, with a comprehensive spectrum of financial services and products for corporates, institutional and individual Customers.

The Group's operations are mainly conducted in Portugal, a developed and competitive market where BPI has a strong competitive position - the third by business turnover amongst the privately held banks -, and in Angola, an emerging economy which has recorded robust and sustained growth in recent years, where BPI, through its equity interest in BFA, is market leader.

The commercial banking activity in Portugal - predominantly focused on the attraction of resources from Customers and on the granting of loans to individuals, companies and institutionals-, is carried on by Banco BPI, backed by a multi-channel distribution network which includes specialised physical networks whose ample geographical coverage.

Banco Português de Investimento, the BPI Group's original matrix, is engaged in investment banking business - Equities, Corporate Finance and Private Banking - at Iberian Peninsula level.

In asset management activity, BPI is a prime player in the management of unit trust (mutual) funds, pension funds and life-capitalisation insurance, which it distributes via Banco BPI and Banco Português de Investimento.

In Angola, BPI holds a leading position in commercial banking activity through its 50.1% stake in Banco Fomento (BFA). BFA serves individuals and corporate Clients through a distribution network with a strong presence in Luanda and a wide coverage of the whole territory.

In the page "BPI at a Glance" are presented the main units and the structure of the Group.

Where can I get a list of BPI's subsidiaries?

Our Annual Report (first note to the consolidated statements) contains information on BPI's significant subsidiaries & associates.

Where can I find an organisation chart of the BPI Group?

For the Organisation Chart of the BPI Group please click here.

Where can I find information regarding Banco BPI's history?

Banco BPI was formed in 1998 by the merging of Banco Fonsecas & Burnay (BFB), Banco de Fomento e Exterior (BFE) and Banco Borges & Irmão (BBI). But its roots go back to 1981 when SPI - Sociedade Portuguesa de Investimentos was conceived. Our BPI History section shows the history of BPI Group presenting a selection of the most important dates and events.

What is BPI's market position?

BPI is the 4th major Portuguese private financial group. Its market share in the domestic commercial banking business is approximately 10%. BPI holds leading positions in certain business areas. In Angola, Banco de Fomento (BPI's bank in that country) has a leading position in loans, deposits and in means of payment (cards, ATM, POS).

Does BPI have operations outside of Portugal?

BPI's overseas business comprises the 50.1%-held Banco de Fomento Angola, and in Mozambique Banco Comercial e de Investimentos, which is the result of a partnership with Caixa Geral de Depósitos and in which the BPI Group has a 30% interest.

Where can I information regarding Banco de Fomento Angola?

There are many sources for gadering institutional information on Banco de Fomento Angola. One can find information in BFA at Banco BPIs Annual Report and Accounts, at the most recent quarterly earnings reports (and presentations) and at BFAs institutional website in

Where are BPI's headquarters?

You can find the addresses and maps of BPI Group's key locations at our contact page.

What are the guiding principles of the BPI Group's governance policy?

1 Creation of value as the primary goal of BPI's Directors and Employees.

2 Transparency in management

Internal information - in such a manner that the non-executive members of the Board of Directors, the members of the Supervisory Board can carry out their oversight and supervisory functions with efficacy.

External information - in such a manner that the Shareholders, authorities, auditors, investors and the community can broadly assess the quality and conformity of the information provided and the results attained.

3 Independence of the executive management vis-à-vis any individual Shareholder or specific interests.

4 Equity in the relationship with Shareholders, Customers and Employees.

5 Loyalty through the implementation of mechanisms which impede the occurrence of conflict of interest situations.

6 Efficiency in the functioning and interaction of the company's governing and supervisory bodies.

7 Rigour in the management of the various risks underlying the Group's operations.

8 Decision sharing through the adoption of committee-type models in decision-making processes and in the fostering of team spirit.

9 Performance and merit as fundamental criteria governing the remuneration policy as concerns Employees and Directors.

10 Harmony in the alignment between the interests of the Shareholders and those of Directors and Employees.

Which is Banco BPI's governance model?

Banco BPI has addopted the Latin governance model, comprising a management body - the Board of Directors - which designates an Executive Committee for the Bank's daily management activities, an internal oversight body - the Supervisory Board - and a Portuguese Statutory Auditor, all elected at the Shareholders' General Meeting. At the page «Management and Control Bodies - Executive Summary» you will find further information on the addopted governance model.

Where can I find information on Banco BPI?s Board and Management ?

You can find detailed information on Banco BPI's Board and Management on the following pages:
- Board of Directors
- Executive Committee

Where can I find information on remuneration (policy, amounts, stock options, etc) at BPI?

For detailed information on remuneration at BPI please click here.

Does Banco BPI offer a stock option programme fot its Employees and Directors?

Yes. The BPI Group has a variable remuneration programme in shares (Portuguese initials - RVA) which entails the awarding of a portion of the variable remuneration in the form of Banco BPI shares and share options. This programme has been in force at the Group since the beginning of the 2001 financial year. For detailed information please click here.

Does the BPI group have its own code of conduct? What are the Group?s thoughts regarding ethical and deonthological issues related to its everyday activity?

The BPI Group has its own code of conduct aplicable to all its companies. Click here to view it (only available in Portuguese).

Where can I find information about BPI's social responsibility policies and initiatives?

Details about BPI's social investment can be found at the Social Responsibility web page.

Does Banco BPI have a dividend policy?

Banco BPI has since April 2007 the following long-term dividend policy, approved at the Shareholders' General Meeting:

“Distribution of an annual dividend, by way of a proposal to be submitted by the Board of Directors to the General Meeting, which is tendentiously not less than 40% of the net profit reported in the consolidated accounts of the financial year to which it refers, save where exceptional circumstances warrant, in the Board of Directors' considered judgement, the distribution of a lesser dividend to be submitted for the Shareholders' deliberation.”

Where do I find BPI's Report and Accounts?

A Report and Accounts archive is available on this website (annual and interim), dating back to the 1999 financial year. These documents are available for download (pdf files) and also on a web version (from 2002 onwards). If youre interested in a printed copy of the Report and Accounts please contact the Investor Relations Division through our Contacts page.

Where do I find information on BPI's results?

This site has all the information related to BPIs quarterly results stored for you in an archive. Please click here to find it.

Where can I find historical financial information on BPI?

On our website, under "Financial Data" section, you can find historical financial information for the past five years.

Where do I can find some guidelines regarding future outlook?

As a rule, the quantitative and qualitative information presented by the CEO regarding the Banks expected outlook is provided during the quarterly results presentation, namely at the Q&A session following the CEOs exposure to analysts. Both presentations and Q&A sessions are available on this website.

What are BPI's current credit ratings?

Details regarding the credit ratings for BPI's can be found in the Credit Rating section.

Who is BPI's independent auditor?

The BPI's independent auditor is Deloitte.

Who are the financial analysts (sell side equity analysts) covering BPI?

Please see our Analyst Coverage list.

What is the Shareholders' General Meeting?

The general meeting (GM) of Banco BPI is the governing body composed of all Banco BPI Shareholders which deliberates on issues of vital importance to the life of the company, namely:

• Evaluating strategic options and policies adopted;

• Electing members of the Board of Directors, the Supervisory Board and the Remuneration Committee;

• Apraising the Board of Directors' report, discussing and voting upon the consolidated financial statements and the Supervisory Board's opinion;

• Deciding upon the appropriation of the annual net profit and share capital increases;

• Deciding upon changes to the statutes and the remuneration of members of governing bodies.

Who can participate in the Shareholders' Meetings?

A Shareholder that owns at least one Banco BPI share on the 5th trading day prior to the date set for the General Meeting can participate.

Shareholders who are not able to attend the AGM can be represented (by other shareholders or third parties), or, alternatively, resort to postal voting or voting by electronic means.

Why should I participate in the General Meeting?

The general meeting of shareholders is a very important event in the relationship between the company and its shareholders, given that it constitutes an excellent opportunity for the latter to state their opinions on the issues of major significance to the company.

What do I need to do to participate in the Shareholders' Meeting?

Shareholders wishing to attend the General Meeting must send a notice in writing to the Chairman of the General Meeting and to the financial intermediary where their shares are registered, informing of their intention to attend the Meeting, within the timelines established.

In the case where the shareholder is a company, it is also necessary that it appoint a representative, sending to the Chairman of the General Meeting, within the timeline set for, a proxy form or written document where the corporate Shareholder identifies his proxies, with handwritten signature of the authorised representatives of the company, together with an identity document of the persons who sign it.

BPI publishes a webpage supporting the General Meeting everytime it takes place. On this page you will find all preparatory documents, including the proposals, the agenda, Q&A, how to participate (proxy forms, proceedings, ballot papers), contacts, etc.

Where can I find information regarding past and future General Meetings?

All information (dates, documents, results, etc) related to past and future general shareholder's meeting can be found in the General Meetings section of this website.

When and where does the Shareholders' Genral Meeting take place?

The data and place of the Shareholders' General Meeting is disclosed on this site's Events' Calendar (as soon as it's available). The SGM's usually occur in April in Porto.

What are the most important dates related to the General Meeting?

There are 3 key dates regarding a Shareholders Meeting:

  • Date on which the number of shares considered for the purposes of the GM is set;
  • Last date for receipt by the Chairman of the General Shareholders' Meeting of the documents* necessary to participate in the General Meeting;
  • Date of the Shareholders Meeting

*Declaration of ownership and immobilisation status, postal voting (if applicable) and proxy form (if applicable).

Every time a General Meeting takes place, BPI publishes a web-page supporting the event. On this page you will have all the key-dates available, amongst other useful information.

I cannot be present in the General Meeting. Can I participate in another way?

Yes. Shareholders entitled to vote but unable to attend the meeting may participate in three other ways: proxy appointment, postal voting and voting by electronic means.

How can stockholders file counterproposals?

The Shareholder or Shareholders owing shares corresponding to at least 5% of the share capital can request that certain matters be included in the order of business of a General Meeting already convened or to be convened. In addition, during the course of General Meetings, any Shareholder can request that information be supplied so that he can form a substantiated opinion about the matters being deliberated.

I am a shareholder of Banco BPI, and I have questions related to the General Meeting. What contacts do I have available?

You may contact us through phone number (00 351) 22 607 33 33, during week days between 9:00 a.m and 12:30 p.m. and between 14:00 p.m. and 17:30 p.m. Alternatively, you may send an e-mail to or write to us at the following postal address «Assembleia Geral de Accionistas; Ao cuidado da Direcção de Relações com Investidores, Rua Tenente Valadim, 284, 4100-476 Porto».

Is it possible to participate at the Annual General Meeting via conference call or over the internet ?

BPI offers its Shareholders the possible of casting votes by means of electronic mail with respect to the motions included in the notice convening the General Meeting. Stockholders can not exercise their rights via telephone.

What is voting through proxy representation as well as through postal or electronic means? How can I use them?

Proxy representation
Shareholders may be represented by any natural or legal persons they may appoint for that purpose. The proxies shall be reported to the Chairman of the General Meeting in a written and signed document, within the timeline set for that purpose.

Postal voting
The shareholder has the right to express his wish to vote relative to the current proposals in the notice of the Meeting, through filling-in and forwarding a ballot paper by post.

Voting by electronic means
BPI offers its Shareholders the possibility of casting votes by electronic means. The Shareholder is asked to fill in a draft where he indicates a password and an e-mail address which will give him access to an electronic ballot paper on a page at this website.

Every time a General Meeting takes place, BPI publishes a web page to support the event. On this page you will find all preparatory documents, including the proposals, the agenda, how to participate (proxy forms, proceedings, ballot papers), contacts, etc..

How can I confirm the number of shares I own?

Confirmation of the number of shares has to be obtained through the financial intermediary depository of the shares.

Can a shareholder be accompanied by consort, son/daughter or other person?

No. The Shareholders' General Meeting, being an event in respect of the Administration of the BPI Group and its shareholders (or other representatives), has its access naturally conditioned.

Is the place where the Shareholders' Meetings take place prepared to receive people with physical disabilities?

Yes. The installations of Serralves Foundation (the place where the most recent AGM's have taken place) are prepared to accommodate people with physical disabilities.

What is the language used in the Shareholders' General Meeting?

The base language that is used in the Shareholders' General Meeting is Portuguese. It is however possible through a request to the Chairman of the General Meeting to make occasional use of the English language.

What is the duration of a General Meeting

The duration of the General Shareholders Meeting is not pre-established, given that it is not possible in advance to know the time-scale of the exhibitions, as well as the duration of the debate and voting processes. However, in indicative terms and based on past experience regarding General Meetings, it is reasonable to expect that a GM will last between one and two hours.

What is the par value of a BPI share?

The par value is 1 euro per share.

How many common shares has Banco BPI issued and listed?

Banco BPI has 990 million issued and listed common shares.

Where is BPI stock traded?

BPI shares are traded on Euronext Lisbon.

Where do I get information about Banco BPI's share price evolution?

On Banco BPI's website there is a near-time online share price information system (prices about 2 minutes delayed) with several charting tools, like comparative performance analysis (vs indexes), historical shareprice information downloads and moving average display. Please click here.

What are ticker symbols (Reuters and Bloomberg) and ISIN Code for Banco BPI shares?

Reuters: BBPI.LS
Bloomberg: BPI PL

ISIN and Euronext code: PTBPIOAM004

When was the stock of BPI first issued and what was the date and offering price of BPI?s initial public offering?

BPI went public on 19 September 1986. For historical prices please visit the «Quotes and Charts» section.

When did the Bank's last major capital increase take place?

The most recent share capital increase by cash contributions took place in June 2008, through the issuance of 140 000 000 common shares, each with 1 euro nominal value, resulting in a share capital of 900 000 000 euro (previously of 760 000 000 euro). The offer was reserved to Shareholders, in their capacity as holders of pre-emption rights, applying a factor of 0.1863763517 to the number of pre-emption rights held. The subscription price was of €2.50. The offer's main goal was to support the Bank's expected activity growth, keeping in mind BPI's long-term dividend policy objectives.

In 2011, BPI increased its share capital from 900 M.€ to 990 M.€ by incorporation of reserves amounting to 90 M.€. The newly issued shares were traded on the Euronext market on 7 June 2011.

For further information on BPI's share capital history, please click here.

Where can I find equity research on Banco BPI shares ?

On the Analyst Coverage page there is a list of the equity analysts (and its e-mail contacts) who more closely track BPI's stock.

Where can I find historical information on BPI's share prices?

On «Quotes and Charts» you can consult and download BPI historical prices, before and after adjustments due to capital changes (namely capital increases and stock-splits).

Where do I find information regarding debt outstanding / debt issues?

On the debt section you can find information on Banco BPIs "Euro Medium Term Note" programme, preference shares, securitisation operations and covered bonds programmes (Mortgage Covered Bond Programme.and Public Sector Bond Programme). To access this section, please click here.

What are BPI's current credit ratings?

For details of BPI's current credit ratings, please see the Credit Ratings page in the Debt Info section.