BPI's origin dates back to 1981 with the creation of SPI - Sociedade Portuguesa de Investimentos, with a diversified shareholder structure, which included a strong component of the national business community, consisting of 100 of the most dynamic Portuguese companies and four of the most important international financial institutions.
In 1985, SPI became BPI, the first private bank created after the reopening of the sector to private enterprise following the nationalisations of 1975. In 1986, BPI became the first bank listed on the Portuguese Stock Exchange.
In 1991, a decade after its creation, BPI, which had already clearly asserted leadership in the main areas of investment banking, extended its activity to commercial banking through the acquisition of BFB.
In 1995, the institution was transformed into a bank holding company (SGPS), with this reorganisation leading to the specialisation of the Group's units and accompanied by a significant strengthening of its shareholder structure, with the entry of two new major strategic partners, which joined the Itaú Group: the La Caixa Group and the Allianz Group.
In 1998, through a pioneering merger process, a single bank with a single brand was created: Banco BPI.
Between 1996 and 2005, the Bank continued its growth through acquisitions and mergers with other banks, and in 2002 Banco de Fomento (BFA) was also created in Angola, then fully owned, by transforming the Luanda branch of Banco BPI into an Angolan-owned bank, of which a 49.9% stake was sold to Unitel in 2008.
In 2006, BPI completed 25 years of activity and undertook its sustained strategy of creating value for shareholders, employees and customers.
However, as of the end of 2007, against the backdrop of a serious international financial crisis, the Bank's management focused on four priorities: defending and strengthening capital, guaranteeing liquidity levels, reducing risks and strengthening customer relationships, seeking in each new phase to strike a balance between three pillars: security and soundness, defence of the market base and profitability of the operation.
In 2012, BPI executed a Recapitalisation Plan that included an issue of €1.5 billion in subordinated contingent convertible (CoCo) bonds underwritten by the Portuguese State to comply with the recapitalisation exercise proposed by the EBA (European Banking Authority). In 2014, Banco BPI repaid those instruments in full to the State three years before the corresponding deadline.
In April 2016, CaixaBank, S.A., the holder at such time of 44.1% of the share capital of Banco BPI, published the preliminary announcement of a general and voluntary public offer for the acquisition (Offer) of all the shares representing the share capital of Banco BPI S.A., at the price of €1,113 per share. In September 2016, BPI's General Meeting approved the elimination of the statutory limitation on the counting or exercise of voting rights when cast by a single shareholder. As a result, a new preliminary announcement of the Offer was published, with the changes resulting from the conversion of the nature of the BPI takeover bid to mandatory, in particular with regard to the consideration, defined at €1,134 per share, and the conditions of the takeover bid for BPI.
In 2017, Banco BPI completed the transfer to Unitel of a stake representing 2% of the share capital and voting rights of Banco de Fomento Angola (BFA). As a result of this transfer, the holdings of Banco BPI and Unitel in BFA were 48.1% and 51.9%, respectively.
In 2017, CaixaBank assumed control of BPI after the completion of a takeover bid, and in May 2018 CaixaBank agreed to acquire Allianz's entire 8.425% stake in Banco BPI's share capital.
Following the loss of status of publicly-held company approved at the General Meeting in June 2018 and the vesting launched by the shareholder CaixaBank, S.A., CaixaBank acquired, on December 27, 2018, the entire share capital of Banco BPI.