Bank of Portugal governor sells shares after ECB ethics review

Monday 27 April 2026 - 16:01

The Governor of the Bank of Portugal, Alvaro Santos Pereira, was required to divest personal shareholdings following a review by the European Central Bank, according to official statements released by the central bank.

Shortly after assuming office, Santos Pereira had purchased shares in major Portuguese-listed companies, including energy and retail firms. These transactions were later reversed after concerns were raised regarding compliance with central banking ethics rules.

The investments had been declared to the European Central Bank as part of mandatory transparency requirements. However, following discussions with ECB officials, the governor agreed to unwind the positions in order to align with strict conduct standards.

The ECB’s Code of Conduct, updated in recent years, prohibits senior officials from holding shares in individual companies after taking office. The rules aim to prevent conflicts of interest and ensure that decision-making within the central bank remains fully independent and impartial.

The Bank of Portugal confirmed that the divestment process has been completed but did not disclose whether any financial gain or loss resulted from the transactions.

This case highlights the increasing scrutiny placed on senior financial regulators in Europe, as institutions strengthen governance frameworks to maintain public trust in monetary policy institutions.