Montepio Bank will sell off assets and restructuring savings to bridge losses that have appeared on its books. The bank hopes to raise between €400m and €500m from the sale of real estate, investments and non-performing loan portfolios. The biggest share should come from the sale of real estate, which has generated cash flow of €60m in the first three months of the year. “I have a positive outlook for the bank’s performance through the end of the year,” said José Félix Morgado, president of the Savings Bank. In addition to cash injection from the planned sales, the institution aims to save €35m through a reduction of workers and the closure of branches.
