Montepio Geral on negative review after takeover bid

Fitch placed Portuguese bank Caixa Económica Montepio Geral on Rating Watch Negative yesterday (Wednesday), because the bank’s owner, Montepio Geral Associação Mutualista (MGAM), announced its intention to launch a takeover bid for Finibanco-Holding SGPS. Montepio Geral’s covered bonds were unaffected by the rating action.