A group entity specialising in financial asset management, with a focus on the management of investment funds.
It has concentrated the Group's securities investment fund management and discretionary portfolio management activities since 2004.
No, they are two institutions with different missions, activities, products and supervisors, in which Banco Montepio is an entity of the Montepio Group, and Associação Mutualista is the main shareholder.
The Montepio Mutualist Association was founded in 1840 and is today the largest Portuguese association with more than 600 thousand members. It is a social economy entity - it is neither a financial institution, nor an insurance company or pension fund management company - and is considered to be of public utility. The Montepio Mutualist Association is also subject to the legislation in force for Private Social Solidarity Institutions (IPSS), in particular the Code of Mutualist Associations (CAM).
Banco Montepio - founded in 1844 - is the oldest Portuguese banking institution. It is a Savings Bank focused on improving the well-being of families, companies and Social Economy entities. An institution with mutualist origins and roots, determined to be more than a simple banking institution and to make a difference in the Social Economy sector. Banco Montepio also holds a number of equity stakes in entities that provide banking and financial services.
The Montepio Mutualist Association is under the supervision of a member of the Government with competence in matters of social security, currently from the Ministry of Labor, Solidarity and Social Security - General Directorate of Social Security.
The Code of Mutualist Associations regulates a new financial supervision regime to be applied to the Montepio Mutualist Association, with a view to ensuring a gradual adaptation of these institutions to the new regulatory framework. It thus enshrines a transitional period of 12 years - during which the Insurance and Pension Funds Supervisory Authority has powers to verify compliance with the adaptation plan - at the end of which, subject to the legally established requirements, mutual associations concerned, such as The Montepio Mutualist Association, are now fully subject to the financial supervision regime of the insurance sector.
Banco Montepio is a banking institution under the supervision of the Bank of Portugal, the Securities Market Commission and the Insurance and Pension Funds Supervisory Authority.
The Montepio Mutualist Association is an entity that integrates the Social Economy sector, like all IPSS and other mutualist associations, in which business activity comprises creating a private social security system for its members, made possible through modalities such as the individual mutual funds, which can be subscribed exclusively by members, and are approved by the members themselves at the General Meeting of Members, as well as by the respective guardianship, where they are registered.
Banco Montepio, in turn, is a credit institution - namely a Bank Savings Bank governed by the Legal Regime of Savings Banks (DL no. 190/2015) - whose main business activity consists of receiving deposits or other refundable funds from the public and in granting credit on its own, as well as the ancillary services of providing financial intermediation and insurance distribution services.
No. In these cases, under the terms and for the purposes of article 30 of the Code of Mutual Associations, it is mandatory to change the Benefits Regulation with a view to reestablishing the necessary technical-financial balance of the modality. To this end, the Board of Directors of the Montepio Mutualist Association promotes changes to the Benefits Regulations of the Montepio Mutualist Association, with this change being subject to deliberation at the General Assembly.
If the Montepio Mutualist Association is unable to pay the repayments of capital and income from the modality, these are guaranteed exclusively by the assets of Associação Mutualista Montepio and, therefore, are subject to its liquidity and solvency risks.
Yes, being a Banco Montepio customer is different from being a member of the Montepio Mutualist Association.
The Bank's customers, in addition to being able to subscribe to banking products, can also subscribe to other types of products, including the Montepio Mutualist Association modalities. To subscribe to mutualist modalities, the Bank's customers must be members of the Montepio Mutualist Association.
Admission to membership in Associação Mutualista Montepio implies subscribing to a mutualist modality and grants the member a set of rights and obligations, as well as benefits arising from membership.