CTT is evaluating a spin-off of Banco CTT, possibly through a stock market listing, as part of a strategy to reduce its exposure to the bank founded in 2015. The postal group, led by CEO João Bento, believes that Banco CTT needs additional capital to accelerate its growth, while CTT prefers to focus its financial resources on its Iberian express and parcel business.
“We are not the ideal shareholder for a bank,” said Bento, emphasizing that CTT does not want to hinder the bank’s expansion. The group currently holds over 91% of Banco CTT, with Generali Tranquilidade owning 8.71%, following a €25 million investment that valued the bank at €290 million.
No final decision has been made regarding the extent of CTT’s stake reduction, with options ranging from a partial sell-off to a full divestment. The company also expects that separating from Banco CTT would increase its market valuation, as some investors hesitate to invest in a logistics company that also owns a bank.
CTT shares are currently trading at their highest value since 2017, with a market capitalization exceeding €810 million.
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