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      18 The Portugal News •  17 Nov 2018                             Business


      Court hands former government minister, former


      BPN chairman jail terms




                                                       A Lisbon court has this week found Arlindo de Carvalho, a former minister, and José Oliveira e
                                                       A Lisbon court has this week found Arlindo de Carvalho, a former minister, and José Oliveira e
                                                       A Lisbon court has this week found Arlindo de Carvalho, a former minister, and José Oliveira e
                                                       A Lisbon court has this week found Arlindo de Carvalho, a former minister, and José Oliveira e
                                                       A Lisbon court has this week found Arlindo de Carvalho, a former minister, and José Oliveira e
                                                       Costa, the founding chairman of Banco Português de Negócios, guilty of embezzlement and tax
                                                       Costa, the founding chairman of Banco Português de Negócios, guilty of embezzlement and tax
                                                       Costa, the founding chairman of Banco Português de Negócios, guilty of embezzlement and tax
                                                       Costa, the founding chairman of Banco Português de Negócios, guilty of embezzlement and tax
                                                       Costa, the founding chairman of Banco Português de Negócios, guilty of embezzlement and tax
                                                       evasion, in a case linked to the broader one relating to events leading up to the bank’s effective
                                                       evasion, in a case linked to the broader one relating to events leading up to the bank’s effective
                                                       evasion, in a case linked to the broader one relating to events leading up to the bank’s effective
                                                       evasion, in a case linked to the broader one relating to events leading up to the bank’s effective
                                                       evasion, in a case linked to the broader one relating to events leading up to the bank’s effective
                                                       collapse in 2008.
                                                       collapse in 2008.
                                                       collapse in 2008.
                                                       collapse in 2008.
                                                       collapse in 2008.
                                                              e Carvalho was sentenced  Lisbon’s Central Criminal Court on  brought to the verge of collapse by
                                                              to six years in prison for  Monday.                       mismanagement, malpractice-
                                                              embezzlement and tax      Of the eight individuals who are  related debt of some €1.8 billion and
                                                       Devasion and Oliveira e          defendants in the case, seven have  other irregularities, some of them
                                                       Costa to 12 years in prison for two  now been given prison sentences for  serious. In 2012, BPN was sold to
                                                       crimes of embezzlement.          embezzlement or tax evasion.    Angola’s Banco BIC, minus the bulk
                                                       The verdict in the trial of de Carvalho  BPN was nationalised by Portugal’s  of its debts and bad loans, for €40
                                                       and Oliveira e Costa was read out at  government in 2008, after it was  million.                                                 TPN/Lusa
                                                       New home loans down for third month in a row
                                                       Home loans granted by Portuguese banks in September totalled €790 million, falling for the third
                                                       Home loans granted by Portuguese banks in September totalled €790 million, falling for the third
                                                       Home loans granted by Portuguese banks in September totalled €790 million, falling for the third
                                                       Home loans granted by Portuguese banks in September totalled €790 million, falling for the third
                                                       Home loans granted by Portuguese banks in September totalled €790 million, falling for the third
                                                       month in a row since the introduction of new rules by the Bank of Portugal (BdP).
                                                       month in a row since the introduction of new rules by the Bank of Portugal (BdP).
                                                       month in a row since the introduction of new rules by the Bank of Portugal (BdP).
                                                       month in a row since the introduction of new rules by the Bank of Portugal (BdP).
                                                       month in a row since the introduction of new rules by the Bank of Portugal (BdP).
                                                         According to the central  year the banks have lent  and loans for other  on granting new home and
                                                       bank’s latest figures on  €7.293 billion in new  purposes, the average   consumer loans, stating, for
                                                       loans and bank deposits,  housing loans compared  interest rates were    example, that households
                                                       the banks provided home  with €5.951 billion granted  respectively 7.19 percent  can only spend half of their
                                                       loans worth €790 million,  last year between January  and 3.84 percent (7.04  income on bank loans.
                                                       less than the figure of €810  and September.     percent and 4.07 percent in  Although not mandatory,
                                                       million in August - a month  For new residential loans,  August).        banks that fail to comply
                                                       in which they had already  the average interest rate  In July, the new rules of the  must explain to the
                                                       retreated on month - but  remained at 1.36 percent,  Bank of Portugal came into  supervisor why they have not
       Angry BPN bank customers pictured here protesting,
       Angry BPN bank customers pictured here protesting,  more than the €739 million  while for consumer credit  force, creating restrictions  done so.                      TPN/Lusa
       Angry BPN bank customers pictured here protesting,
       Angry BPN bank customers pictured here protesting,
       Angry BPN bank customers pictured here protesting,
       after losing their savings with the bank, immediately after
       after losing their savings with the bank, immediately after  granted in September 2017.
       after losing their savings with the bank, immediately after
       after losing their savings with the bank, immediately after
       after losing their savings with the bank, immediately after
       the start of the financial crisis in 2008.        Since the beginning of the
       the start of the financial crisis in 2008.
                                                                                Santander T
                                                                                Santander Totta sheds 200 stafotta sheds 200 staff in 2018; Bancof in 2018; Banco
                                                                                Santander Totta sheds 200 staff in 2018; Banco
                                                                                Santander T
       the start of the financial crisis in 2008.
       the start of the financial crisis in 2008.
       the start of the financial crisis in 2008.
                                                                                Santander Totta sheds 200 stafotta sheds 200 staff in 2018; Bancof in 2018; Banco
                                                                                Popular merger complete
                                                                                Popular merger complete
                                                                                Popular merger complete
                                                                                Popular merger complete
                                                                                Popular merger complete
                                                                                 The chief executive of  employees, up from 6,781  to rise to 100 by December.
                                                                                Portugal’s Santander Totta,  at the end of last year;  These were, above all,
                                                                                António Vieira Monteiro,  however, in October, a few  branches very close to exist-
                                                                                said on Wednesday that  more workers are expected  ing Santander Totta units
                                                                                some “two hundred people”  to leave the company.  that the bank could not
                                                                                had left the bank, a      As part of the merger  justify keeping open, Vieira
                                                                                subsidiary of Spain’s Banco  process following the  Monteiro said.
                                                                                Santander, this year, with all  acquisition of Banco  The chief executive also
                                                                                of them having taken    Popular, since the      said that the switch to the
                                                                                voluntary redundancy.   beginning of this year, the  shorter name, Santander,
                                                                                 At the end of September,  bank has closed 87   that was previously
                                                                                the bank had 6,677      branches, with that total set  announced, is to take place
                                                                                                                                only at the brand level, since
                                                                                                                                it is cheaper to maintain the
                                                                                                                                official company name of
                                                                                                                                Santander Totta.
                                                                                                                                  The bank announced that
                                                                                                                                profits in the first nine
                                                                                                                                months of this year were up
                                                                                                                                16 percent on the same
                                                                                                                                period of last year, at €384.9
                                                                                                                                million.
                                                                                                                                  The integration of Banco
                                                                                                                                Popular was concluded on
                                                                                                                                14 October, it said.
                                                                                                                                              TPN/Lusa
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