Brief: Sonae Reviews Partnership Terms Between Its Subsidiary Universo And Banco CTT

Sonae SGPS SA

20/12/2022 17:47

Dec 20 (Reuters) - Sonae SGPS SA  YSO.LS :
    * INFORMS ABOUT REVISION OF PARTNERSHIP TERMS BETWEEN ITS
SUBSIDIARY UNIVERSO AND BANCO CTT
    * SIGNIFICANT CHANGE IN OVERALL MACROECONOMIC AND FINANCIAL
CONTEXT JUSTIFIES NEED FOR PARTIES TO REVISIT UNDERLYING TERMS
OF AGREEMENT
    * UNIVERSO AND BANCO CTT AGREE TO MAINTAIN PARTNERSHIP UNTIL
DEC
31, 2023
    * AIMS TO PROTECT END CUSTOMER MAINTAINING UNIVERSO AS SOLE
POINT
OF CONTACT, ISSUER AND GRANTOR OF CREDIT
    * AIMS ADJUSTMENT OF BUSINESS MODELS OF UNIVERSO AND BANCO
CTT
    * AIMS THAT UNIVERSO PROGRESSIVELY ASSUMES RESPONSIBILITY
FOR
FINANCING ACTIVITIES AND CREDIT RISK ON LOANS BEING GRANTED
UNTIL ESTABLISHMENT OF NEW PARTNERSHIP

Source text: https://bit.ly/3hCOmgy https://bit.ly/3VcshmD
Further company coverage:  YSO.LS 
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