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Fusões e aquisições no setor bancário português: o caso da aquisição do BPI pelo CaixaBank
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A presente dissertação analisa o impacto da aquisição do Banco BPI, S.A. pelo CaixaBank S.A., concluída entre 2017 e 2018, enquanto caso representativo do processo de consolidação bancária ibérica no contexto da União Bancária Europeia. O estudo procura avaliar em que medida esta operação contribuiu para o reforço da rentabilidade, da eficiência operacional, da solvabilidade, da qualidade dos ativos, da estabilidade de financiamento e da quota de mercado do BPI, bem como para a consolidação estratégica do grupo CaixaBank no mercado português.
A investigação adota uma abordagem de estudo de caso com base na análise de rácios financeiros e indicadores de quota de mercado, no período de 2016 a 2021. Foram examinadas cinco dimensões centrais do desempenho bancário — eficiência e rentabilidade, solvabilidade, qualidade dos ativos, liquidez e funding, e quota de mercado — recorrendo a dados extraídos dos Relatórios e Contas consolidados do BPI e do CaixaBank, bem como de fontes oficiais como o Banco de Portugal, o Banco de Espanha e o Banco Central Europeu. A análise quantitativa foi complementada por uma interpretação qualitativa dos resultados à luz do enquadramento económico e regulatório europeu.
Os resultados evidenciam que a integração do BPI no grupo CaixaBank produziu ganhos significativos de solvabilidade, qualidade de ativos e liquidez, acompanhados de uma recuperação gradual da rentabilidade e da eficiência operacional após o período de ajustamento inicial. As quotas de mercado revelam estabilidade competitiva, confirmando que a operação não comprometeu a posição do BPI no sistema bancário português. Conclui-se que a aquisição constituiu um processo de criação de valor e de reforço prudencial, contribuindo para o fortalecimento estrutural e estratégico de ambas as instituições no contexto financeiro ibérico.
This dissertation analyses the impact of the acquisition of Banco BPI, S.A. by CaixaBank, S.A., completed between 2017 and 2018, as a representative case of Iberian banking consolidation within the framework of the European Banking Union. The study seeks to assess the extent to which this operation contributed to strengthening BPI’s profitability, operational efficiency, solvency, asset quality, and funding stability, as well as to the strategic consolidation of the CaixaBank Group in the Portuguese market. The research follows a case study approach based on the analysis of financial ratios and market share indicators for the period 2016–2021. Five key dimensions of banking performance were examined — efficiency and profitability, solvency, asset quality, liquidity and funding, and market share — using data from the consolidated annual reports of BPI and CaixaBank, as well as official sources such as the Bank of Portugal, the Bank of Spain, and the European Central Bank. The quantitative analysis was complemented by a qualitative interpretation of the results, considering the European economic and regulatory environment. The results show that the integration of BPI into the CaixaBank Group generated significant gains in solvency, asset quality, and liquidity, alongside a gradual recovery of profitability and operational efficiency after an initial adjustment phase. Market share indicators reveal competitive stability, confirming that the operation did not compromise BPI’s position within the Portuguese banking system. The study concludes that the acquisition constituted a process of value creation and prudential strengthening, contributing to the structural and strategic reinforcement of both institutions within the Iberian financial landscape.
This dissertation analyses the impact of the acquisition of Banco BPI, S.A. by CaixaBank, S.A., completed between 2017 and 2018, as a representative case of Iberian banking consolidation within the framework of the European Banking Union. The study seeks to assess the extent to which this operation contributed to strengthening BPI’s profitability, operational efficiency, solvency, asset quality, and funding stability, as well as to the strategic consolidation of the CaixaBank Group in the Portuguese market. The research follows a case study approach based on the analysis of financial ratios and market share indicators for the period 2016–2021. Five key dimensions of banking performance were examined — efficiency and profitability, solvency, asset quality, liquidity and funding, and market share — using data from the consolidated annual reports of BPI and CaixaBank, as well as official sources such as the Bank of Portugal, the Bank of Spain, and the European Central Bank. The quantitative analysis was complemented by a qualitative interpretation of the results, considering the European economic and regulatory environment. The results show that the integration of BPI into the CaixaBank Group generated significant gains in solvency, asset quality, and liquidity, alongside a gradual recovery of profitability and operational efficiency after an initial adjustment phase. Market share indicators reveal competitive stability, confirming that the operation did not compromise BPI’s position within the Portuguese banking system. The study concludes that the acquisition constituted a process of value creation and prudential strengthening, contributing to the structural and strategic reinforcement of both institutions within the Iberian financial landscape.
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Fusões e aquisições Setor bancário Solvabilidade Eficiência operacional Mergers and acquisitions Banking sector Solvency Operational efficiency