Western Europe: Portugal - Banking Sector Holds Strong Amid BCP Storm - The media Coverage Given To The Tussle At The Top Of Millennium BCP Risks deflecting Attention Away From The Positive Evolution Of Portuguese Banking, says Peter Wise.

Banker, The, October, 2007 by Wise, Peter

Byline: PETER WISE

The normally discreet world of Portuguese banking has found itself unaccustomedly in the glare of the media spotlight in recent months as a boardroom battle for control of Millennium BCP, the country's largest listed bank, escalated into an acrimonious power struggle that spilled out from businesses sections onto the front pages of the country's newspapers.

The unfolding drama, broadcast live to television viewers from a series of agitated shareholders' meetings, reached a climax in September with the resignation of Paulo Teixeira Pinto, BCP's chief executive. But the saga is far from over. Shareholders who want a bigger say in the bank's strategy are still pressing for a new model of corporate governance and analysts continue to...

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