Spanish lender BCC-Grupo Cooperativo Cajamar and Portuguese postal service operator CTT–Correios de Portugal SA have reportedly ceased talks concerning a potential deal for Banco CTT SA, the banking unit of CTT. This development, confirmed by sources familiar with the matter, comes after Cajamar had expressed interest in a tie-up, leading CTT to explore strategic options with BNP Paribas SA.
While Cajamar's interest had prompted CTT to evaluate possibilities for Banco CTT, no formal sale process was ever initiated, and the discussions were described as private. CTT had previously stated that it occasionally works with consultants and investment banks to assess development scenarios or business opportunities, while Cajamar declined to comment on rumors.
The cessation of these talks leaves the future of Banco CTT uncertain. Previously, in 2022, CTT sold an 8.7% stake in Banco CTT to Tranquilidade-Generali Seguros in a transaction that valued the bank at approximately $290 million. CTT's former CEO, João Bento, had indicated in 2024 that all options, including a potential sale, were on the table for the banking unit. Banco CTT operates over 200 branches within post offices, having significantly expanded from 51 branches a decade ago.
The potential tie-up had underscored the growing interest of Spanish banks in the Portuguese market, where they already account for nearly a third of banking assets. However, the Portuguese government has expressed reservations about further consolidation of the banking sector by Spanish lenders. Current Spanish banks with a significant presence in Portugal include Banco Santander SA, CaixaBank SA, Banco Bilbao Vizcaya Argentaria SA, Abanca, and Bankinter SA.
This outcome follows earlier reports in March 2026 that CTT was sounding out advisers regarding options for Banco CTT, indicating a long-standing consideration of strategic alternatives for the unit. The latest information suggests these efforts have not yet resulted in a concrete deal.
