Rauva is still waiting for the regulator's approval to take over Banco Empresas Montepio (BEM) for €35 million. The company started this process over two years ago, and the deal was announced in 2023. Once approved, Rauva would get a banking license, which is important for expanding its services for small and medium businesses across Europe.
But the deal hasn't moved forward.
People close to the situation say the approval process has been slow and confusing. There have been many requests going back and forth between the Bank of Portugal and the European Central Bank. This is partly because Rauva isn't owned by a European company. Its main investors are from Canada, Sam Mizrahi and Brian David Schachter, and they have been looked at more closely by the regulators.
Because of the delays, Rauva has changed its leadership.
They have named Nuno Zigue, who used to work at Santander Consumer Finance Portugal, as the new CEO. He will lead the company during its next growth stage. Even though there are still regulatory challenges, both Rauva and Banco Montepio say the deal is still happening.
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