Banco Portugês de Fomento – New National Development Bank

The European Commission approved the creation of a new Portuguese State Owned Bank – the Banco Português de Fomento (BPF).

The BPF will be Portugal’s new national development bank, focused on promoting the growth of the Portuguese economy and providing financing to companies in the event of market failure leading to lack of available financing.

The new entity will be the result of a merger of the Development Finance Institution (IFD), the SPGM (the Portuguese Mutual Guarantee System), and PME Investimentos.