BPI's origins date back to 1981 with the establishment of SPI - Sociedade Portuguesa de Investimentos, which had a diversified shareholder base, mainly composed of national companies, including 100 of the most dynamic Portuguese firms and four of the most important international financial institutions.
In 1985 SPI underwent a transformation that gave rise to BPI, the first Portuguese private bank set up following the reopening of the sector to private initiative, after the nationalisations of 1975. In 1986, BPI became the first bank listed on the Portuguese stock exchange.
In 1991, ten years after its creation, BPI, which in the meantime had already achieved a clear leadership in the main areas of Investment Banking, expanded its business to commercial banking through the acquisition of BFB.
In 1995 the institution was converted into a bank holding company. This reorganisation, which led to the specialisation of the Group's units, was accompanied by an important reinforcement of its shareholder structure with the entry of two new strategic partners of considerable size to team up with Itaú Group: La Caixa Group and Allianz Group.
In 1998 a pioneering merger process created a single bank under a single brand: Banco BPI.
From 1996 to 2005 the Bank pursued its growth path through mergers and acquisitions of other banks. Banco de Fomento, in Angola, was also incorporated in this period (2002), resulting from the transformation of Banco BPI's Luanda branch into a fully-fledged Angolan-law bank. In 2008 a 49.9% stake in Banco de Fomento was sold to Unitel.
In 2006 BPI completed 25 years of activity, always upholding its strategy of sustained value creation for Shareholders, Employees and Customers.
From the end of 2007, in the context of the severe international financial crisis that had meanwhile flared up, the Bank's management focused on four priorities: protecting and reinforcing capital; sustaining liquidity levels; reducing risks; and strengthening the relationship with the Clients. At the same time and in each new phase, it sought to strike a balance between three key pillars: safety and solidity, protection of the customer base, and business profitability.
In 2012 BPI implemented a Recapitalisation Plan that involved an issue of 1.5 billion of contingent convertible subordinated bonds (CoCos) subscribed by the Portuguese State, aimed at fulfilling the recapitalisation exercise proposed by the EBA. In 2014 Banco BPI fully reimbursed the CoCos, completing the reimbursement to the State three years ahead of schedule.
In April 2016 CaixaBank, S.A., a shareholder holding on that date 44.1% of Banco BPI's share capital, released a preliminary announcement of a public, general and voluntary tender offer on all the shares of Banco BPI, at the price of 1.113 per share. In September 2016, BPI's General Meeting approved the elimination of the statutory limit on the counting of votes cast by any single shareholder. As a result, a new preliminary announcement of the tender offer was published to take into account the alterations stemming from the change of the nature of the offer from voluntary to mandatory, namely in the price, now established at 1.134 per share, and in the terms of the takeover.
In 2017 Banco BPIs executed the transfer to Unitel of an equity interest representing 2% in the share capital and voting rights of Banco de Fomento Angola. Following this transfer, the shareholdings of Banco BPI and Unitel in BFA were 48.1% and 51.9%, respectively.
In February 2017, upon completion of a public tender offer, CaixaBank took over control of BPI, raising its stake from 45% to 84.51%. In May 2018 CaixaBank acquired from Allianz the entire 8.425% stake held by the latter in Banco BPI, after which it held 92.935% of BPI. On the same date, Caixabank announces that is its intention to acquire the remaining shares until it acquires 100% of the share capital of Banco BPI.