Virgílio Lima has leadership at Montepio renewed
Virgílio Lima has had his term in front of the mutual association Montepio renewed for the period 2026-2029.
The decision was made at a board meeting on Friday. It means that he will once again be chairman of the largest mutual association in the country – a position he had held since 2019.
Montepio Associação Mutualista – a building society – elected its associative bodies (Board of the General Assembly, Board of Directors, Fiscal Council and Assembly of Representatives) for the term ending in 2029.
According to a statement from the association, sent to news desks, only 6.5% of the more than 600,000 members voted, and there were 9.7% blank votes and 1.7% null votes.
Grupo Montepio, is major financial and social group centered around the Associação Mutualista Montepio (the parent mutual association) and the Banco Montepio, the oldest bank in Portugal, founded in 1844 with strong mutualist roots focused on social responsibility and supporting families, businesses, and the social economy.
It is a unique entity in the Portuguese financial landscape, combining traditional banking with a mission for social well-being, offering services and products while adhering to solidarity principles.
Banco Montepio has had solid financial results so far in 2025, with a consolidated profit of €70.7 million in the first half, a historical record for the period, and €86.4 million in the first nine months, despite a slight drop due to the “return to normal” of interest rates, maintaining robust capital ratios (CET1 above 16%) and improving its risk rating with investment grade ratings . Credit growth, the reduction of the default rate (NPE) to 1.9% and the strengthening of rating agency confidence (Moody’s, Fitch) stood out.
