ECB revokes license of Banco Empresas Montepio

Banco Montepio announced on Tuesday that the European Central Bank (ECB) has revoked the license of Banco Empresas Montepio (BEM). The ECB's decision ends the process of selling BEM's license to the Portuguese fintech Rauva, which was announced in September 2023.

The agreement, which was valued at 35 million euros, was directly impacted by the revocation of the authorization, leaving the future of the partnership between Banco Montepio and Rauva uncertain. The revocation marks a notable conclusion to the negotiations that were underway.