Spanish cooperative lender BCC-Grupo Cooperativo Cajamar expressed interest in a potential partnership with Banco CTT. Banco CTT operates as the banking division of the Portuguese postal service, CTT - Correios de Portugal.
CTT hired BNP Paribas SA to evaluate strategic options for its banking unit following the approach. Discussions remain private and no formal sale process has commenced.
The move reflects increasing interest from Spanish financial institutions in the Portuguese banking sector. CTT shares rose significantly following reports of the potential deal. CTT declined to comment on specific details regarding the BNP Paribas mandate.