Banco de Investimento Global, S.A. (BiG) is a privately-held, specialized financial institution, with headquarters in Lisbon, and is licensed to operate in all business areas open to the banking sector in Portugal.

The Bank serves both private and wholesale client segments. For individuals, the Bank provides savings, brokerage, custody, wealth management and general banking and payment services. For institutional and corporate clients, services include market risk management, treasury, brokerage, custody, and corporate advisory, including debt and equity finance. A third business line, the Bank’s treasury and capital markets area, concentrates on liquidity and balance sheet management and is central to our culture of managing market-related risks. The Bank also offers credit cards, specialized consumer and wholesale credit arrangements. In addition to traditional banking services, we place a number of trading and investment platforms at the disposal of our client base.

We interact with clients through a number of integrated channels: Retail clients are served by the online investment platform,, and financial advisors located in 14 offices in key central and regional locations, while sales and product teams based in Lisbon and Porto work with

The Bank is a member of Euronext and maintains partnership arrangements with global financial services suppliers so as to provide access to our clients to many of the world’s major stock, options and futures exchanges. As part of our offering to clients, BiG maintains subscription and distribution agreements with major investment fund managers as well as in-house expertise to develop products and manage the needs and expectations of our clients.

The Bank’s objectives are to provide efficient and competitive financial services to our clients and to create long term value for our shareholders. Our culture emphasizes a transparent and professional approach to advising, executing and building mutually profitable business.

We seek sustained growth and a balance between investment for the medium term and expected returns in the short term.

For information on the Management Team, see Corporate Governance.


The objectives of Banco BIG are to provide efficient and competitive financial services to our clients and to create, in a sustainable and responsible manner, long term value for our shareholders. The Bank’s governance structures, both internal and external, have been delegated the capacity and authority necessary to execute their responsibilities, and are designed to ensure compliance with best practices in this area.

The structure of Corporate Governance and the internal organization of Banco BIG reflect a culture, which focuses on simplicity, transparency and internal control since its inception. BancoBiG, although not a listed firm, nevertheless seeks to follow, and in general complies with, recommendations of the OECD (OECD Principles of Corporate Governance - 2004) and the Portuguese Corporate Governance Code issued by the CMVM (Código de Governo das Sociedades da CMVM – 7/2007) to the extent that they are practical and commensurate with the Bank’s size.

Chaired by a President and a Secretary and elected by shareholders for terms of four years, with re-election permitted. Responsibilities include overseeing the Bank’s general shareholders meetings. For the current 2022-2025 period, members are:

Paulo Câmara Pires dos Santos Martins

João Manuel de Jesus Rufino

Composed currently of 15 individuals, in the main shareholders of Banco BIG, whose President and members are invited from time to time by the Chairman of the Board, who has a seat on the Advisory Board. The Advisory Board meets on average twice per year to discuss strategy and recommendations. The decisions of the Advisory Board are not formally binding on the Board of Directors.

Currently consisting of 8 members, it has the broadest management and representation powers of the Bank. This body is elected for four-year terms. The current composition of the Board of Directors for the 2022-2025 term is as follows:

Chairman of the Board of Directors and Founding Shareholder

Founded BiG in 1999 and has been Chairman of the Board of Directors since then. Until June 2019 he was also the Bank´s CEO. Began his professional career in 1977 in New York, where he reached the position of Senior Vice-President at one of the major North American Banks, the Manufacturers Hanover / Chemical Bank, predecessor of the current JP Morgan Chase. Established and led the first private bank in Portugal after the liberalization of the sector in 1984. He was Country Manager, Chairman and CEO of Chemical Bank between 1987 and 1996, and Vice-President of a major Portuguese financial group between 1996 and 1998. Degree in Finance from Instituto Superior de Ciências Económicas e Financeiras of Universidade Técnica de Lisboa.

Member of the Board of Directors

Was President of BiG´s Fiscal Board between 2009 and 2018 and, since August 2019, is an Independent Non-executive Director of the Bank. Began his career in UMM´s IT department in 1984. For more than a decade he led Accenture Portugal, where he developed a career of over 30 years of experience (20 of which as partner) in management and IT consulting for various industries, with a special focus on the financial sector. Participated in the main modernization programs of the Portuguese banking sector, capital markets and insurance companies and led Accenture’s expansion into new markets. Currently, he is President of the Board of Directors of the Portuguese Insurance Association. Degree in Mechanical Engineering from the University of Manchester, with a Post-Graduate in Management and Finance from INSEAD (France) and Universidade Católica (Portugal).

Member of the Board of Directors

Joined Big in September 2022, as Juntou-se ao BIG em setembro de 2022 como administradora Independent Non-executive Director. Began her career in IMPAC lda, as management consultant. In 1990 joined Informa D&B (former Dun & Bradstreet), held various executive management roles until General Director, role she helds since 2004. independente do Banco. Em 1988 iniciou a sua carreira na IMPAC Ltd. como consultora de gestão. In 2019, she assumed functions as a non-executive administrator at ISEG Executive Education (IDEFE) and in 2021 joined the board of directors of GRACE – Responsible Companies and the board of directors of the Luso-Spanish Chamber of Commerce and Industry. Degree in International Relations from the Instituto Superior de Ciências Sociais e Políticas da of the University of Lisbon. Participated in the AESE Senior Management Program (PADE), in the Advanced Program for Non-Executive Directors of the Portuguese Institute of Corporate Governance and in the Strategic Leadership Program by ISEG in partnership with Columbia University.

CEO and Member of Board of Directors

Joined BiG in the beginning of 1999, invited by the founding team to participate in the official launch of the Bank. He has been a member of the Board of Directors since 2001 and is Chief Executive Officer since July 2019. Began his career in investment banking in 1993 in Santander Investment, and has since then accumulated more than 26 years of experience in the financial sector, developing capabilities in the executive management of businesses and multi-disciplinary teams in various areas of the banking activity, including Investment Banking, Institutional Banking, Private Equity/Venture Capital, Savings and Investments Specialized Banking, Accounting, Compliance/Regulation, Planning and Control, Risk Management and AML. Degree in Business Administration and Management from Universidade Católica Portuguesa, where he has lectured since 1994. He also completed the GRID – Curso de Gestão de Risco e Instrumentos Derivados post-graduate program from Universidade Nova de Lisboa, in addition to other executive training programs.

Member of the Board of Directors and of the Executive Committee

Joined BiG in 1999 and participated in the launching of the Bank´s Corporate Finance area. Since August 2019 she is Executive Director, responsible for the Risk, Legal and Corporate Development. Began her career in 1995 in Santander Investment. More than 20 years of experience in Investment Banking, having coordinated various financial advisory projects, as well as Mergers and Acquisitions, Private Equity and Capital Markets transactions. Degree in Business Management from Universidade Católica Portuguesa, where she lectured for 4 years. Completed the GRID – Curso de Gestão de Risco e Instrumentos Derivados post-graduate program from Universidade Nova de Lisboa, as well as the Accelerated Development Program from London Business School.

Member of the Board of Directors and of the Executive Committee

Joined BiG in 2014, as coordinator of the Private Wealth Management and Institutional Wealth Management teams. Since August 2019 he is Executive Director, responsible for Wealth Management (Portugal and Spain), Platforms/ Brokerage, Asset Management and Research. 12 years of experience in financial markets, having worked at fund manager PIMCO in London, as well as in Barclays Capital, Lehman Brothers and JP Morgan in New York. Degree in Management from Duke University, MBA from INSEAD and CFA Charterholder.

Member of the Board of Directors and of the Executive Committee

Joined the BiG team in 2006 and has been, since November 2020, Executive Director of the areas of Treasury and Capital Markets and Alternative Investments. With around 15 years of experience in financial markets, has vast competence in most asset classes, having been responsible for the Derivatives and Structured Products business for around 10 years. Has a degree in management from ISCTE Business School, with a specialization in finance, and a postgraduate degree in Markets and Financial Assets, having been a guest lecturer in the disciplines of Structured Products, Derivatives and Liquidity Management in Financial Institutions at the Nova School of Business and at ISCTE Business School.

Member of the Board of Directors and of the Executive Committee

Joined BiG in early 1999, having actively participated in the launch of the Bank's information systems. He has been an executive director since September 2022, and currently is responsible for the Information System and Operations areas. He started his career in 1997 as a programmer at Banco Chemical and when he moved to the BiG project, he played various roles in the technology area until he took over the coordination of IT departments in 2012. He has more than 20 years of experience in coordinating technological projects. Degree in IT and Business Management from ISCTE. Participation in the Executive Developer Program – High Performance Leadership by IMD Lausanne.

Members are elected for mandates of four years. Reports directly to the shareholders. Its responsibilities include regular and independent audit of the accounts in accordance with the international accounting standards. For the current 2022-2025 period, members are:

Efective Members
Maria Aline Bastos Moreira Veloso de Almeida (President)
Pedro Rogério Barata do Ouro Lameira
Jorge Manuel Jacob Miguel Tainha
Vitor João Tavares Maia

An independent CPA firm provides a legal certification of the Bank’s accounts. Its responsibilities include regular and independent audits of the accounts in accordance with Portuguese accounting policies and criteria. The Certified Public Accountant is elected by the General Assembly of Shareholders for terms of four years. A review process to determine rotation of the CPA is conducted prior to the end of a second mandate. For the current 2022-2025 period, the CPA is the following company:

PricewaterhouseCoopers & Associados – Sociedade de Revisores Oficiais de Contas, S.A., represented by João Ricardo Amorim Gravito

The compensation committee consists of three members elected for periods of four years. This body reports directly to the shareholders. Its responsibilities include regular review and determination of compensation for the Board of Directors and the Fiscal Board. Members for the current 2022-2025 period are:

  • Carlos Pompeu Ramalhão Fortunato – President
  • Maria João Ricou
  • Ricardo Dias Carneiro e Gomes de Pinho

Banco de Investimento Global, SA is an institution registered with and supervised by the Bank of Portugal and the Comissão do Mercado de Valores Mobiliários (CMVM), the two main bodies responsible for supervising financial activities in Portugal. The Bank is also registered as an Insurance Agent with the Insurance and Pension Funds Supervisory Authority (ASF).

Bank of Portugal

Date of Registry with the Bank of Portugal: March 1, 1999 / under Code Number 61.

CMVM – Portuguese Securities Market Commission

Date of CMVM Authorization: March 8, 1999 / under Registry Number 263.

Insurance and Pension Funds Supervisory Authority (ASF)

Insurance Agent no. 419501242

Date of registry in the categories Life/Non-life: January 21, 2019

Mecanismos de protecção dos Investidores

Deposit Guarantee Fund

Investor Compensation System

Relationship between these two entites

There is no relationship between the Deposit Guarantee Fund and the Investor Compensation System; the first guarantees deposits up to Euro 100,000 and the second eligible amounts of securities up to Euro 25,000.

Banco de Investimento Global’s systems of internal control feature comprehensive and integrated policies and procedures, which are both quantitative and qualitative in nature. These are reviewed and approved by the Board, which oversees the respective risk management functions, either as a group or by delegation. Our systems and policies are designed, broadly, to ensure effective processing, reliable systems, appropriate risk taking, daily measurement of risks, independent reporting and responsible behavior. Policies and procedures on enforcement also seek to ensure respect for and adherence to internal, regulatory, legal and prudential guidelines designed to protect the interests of clients and shareholders, while preserving and protecting the reputation of the Bank.

Internal Audit

Internal Audit plays a key role in the system of internal controls of the Bank and to the process of ensuring appropriate allocation of capital to operating risk. Regular inspections are based on priorities defined by the Board, in view of risks inherent to the Bank’s various activities and businesses.

The Audit function is objective and impartial and, through its periodic analyses, plays an essential role in identifying any weaknesses in control processes and risk management policies, conformity to internal procedures and standards of integrity and quality defined by the Bank. Inspections cover all business and operating areas with results reported directly to the Board.

Compliance Function

The Bank’s Compliance area is responsible for (i) ensuring respect for applicable legal and regulatory requirements, including approved terms and standards of internal codes of conduct, (ii) promoting an environment of control and transparency in the organizational structure that is commensurate with the complexity of services offered and the size of the institution, (iii) monitoring the adequacy and efficiency of controls associated with banking risks, and, (iv) protecting the reputation of the Bank.

With respect to anti-money laundering and risks associated with financing of terrorism, the Bank’s compliance function is responsible for controlling and detecting suspicious transactions and for monitoring the execution of duties in accordance with current legislation regarding the opening of bank accounts and “know your client” rules. This area centralizes reporting of, and interaction with law enforcement and supervisory entities, with respect to investigation and analysis of suspicious processes and transactions.

Compliance is also responsible for analysis and review of new products and services in the light of current regulation, promotes pro-active management and prior validation of the risks of such services, and is active in identifying and preventing conflicts of interest.

The Bank’s systems of internal control is based on a strong culture of compliance with legislation and rules that govern banking activity, combined with clear internal procedures and policies concerning contractual obligations, personal conduct and relations with clients. Together these systems and procedures seek to reduce the risk of financial loss associated with potential legal sanctions, limitations on business and expansion, non-enforcement of contracts and impairment of reputation deriving from non-compliance.

Policy for the Receipt, Execution and Transmission of Orders on Financial Instruments in the Best Conditions

Policy for the management of conflicts of interest

The Bank is in the business of assuming and managing risk. The main risks faced by the Bank, and which are inherent to the banking business, include market, liquidity, interest rate, credit, operational, technology, compliance and reputational risks. While analyzed separately in this report, they are generally inter-related. In managing risk across the organization, Management reviews processes on a regular basis so as to ensure that they are well-designed, disciplined, independent, objective and quantitative. Our processes of managing risks associated with global markets, lending, processing, technology and general business risks require a comprehensive and integrated system of policies and controls to ensure the integrity of the Bank’s business model and to enhance stability and profitability. Underlying these processes and systems, Management stresses a culture of personal responsibility and mutual surveillance in the common interest.


BiG organizes its product, sales, investment, processing and control areas around three key businesses: Specialized Retail, Wholesale Clients and Treasury and Capital Markets


  • Brokerage
  • Advisory
  • Savings and Asset Management
  • Credit and Banking Services


Corporate Advisory
Asset Management
Risk Management
Private equity


Risk Management
Balance Sheet Management

Financial Indicators

CONSOLIDATEDEur 000 2022Year 2021Year 2020Year
Core Tier 1 28,80% 34,40% 45,30%
Loans / Client Deposits 2,20% 2,70% 2,30%
Total Net Assets 2.436.983 2.277.027 2.203.605
Shareholder Funds 350.043 421.680 421.905
Assets Under Supervision¹ 5.808.620 6.060.342 4.704.562
Net Income 10.241 21.201 25.046
Return on Average Equity (ROE) 2,80% 5,20% 6,20%

¹ Assets under management, held in custody and client deposits

Capital & Shareholders


At 31 December 2022, Banco de Investimento Global’s had 186.947.388 ordinary shares issued, with a par value of one Euro each.


The Bank’s shareholder structure is as follows:

Shareholder Identification Number of Ordinary Stocks % Ordinary Stocks % Shareholders Funds*
Adger - SGPS, S.A. 23.679.074 12,67% 11,90%
Carlos Adolfo Coelho Figueiredo Rodrigues 15.657.358 8,38% 7,87%
António da Silva Rodrigues 11.834.389 6,33% 5,95%
Maria Aldina Fernandes Valente 11.834.389 6,33% 5,95%
Nicholas Leo Racich 11.716.212 6,27% 5,89%
WWC World Wide Capital SGPS, S.A. 8.956.665 4,79% 4,50%
JRI - SGPS, S.A. 8.514.311 4,55% 4.28%

History of BiG

The Bank is founded by a handful of experienced banking executives and key shareholders on 10 December 1998 with an initial capital base of Euro 25 million.

The founders began their banking careers in New York more than 30 years ago and rose to senior positions with Manufacturers Hanover Trust/Chemical Banking Corporation, predecessors of the current JP Morgan Chase. They, and many others still connected with BIG, were responsible for launching the first new private bank - Banco Manufacturers Hanover, later known as Banco Chemical - to be established in Portugal following liberalization of the banking laws and opening of the finance sector to private initiative in 1984. The wholesale corporate/institutional bank was responsible for many innovative changes to the banking market during the 1980’s-1990s and was the most successful and most profitable foreign-owned/publicly traded banks in Portugal during the period of 1984-1996.

Two years after the unit was sold to the Champalimaud retail banking group in 1996, where the current Management of BiG held senior executive positions until 1998, Management and a group of shareholders - who shared a common vision for creating a well-capitalized, specialized retail investment/savings bank - joined forces to establish BiG. With a focus on technology, integrated delivery channels and a well-trained and responsible sales force, the Bank builds a unique culture. All members of Management are executive, all have been with the Bank since its founding, all have risen through the ranks to their current positions based on merit and based on their passed accumulated experiences and contributions to the Bank’s success, and all are shareholders.

The new Bank opens for business on 1 March 1999.

BIG launches the first online broker in Portugal, which becomes the forerunner to the diversified savings/investment platform,

The Bank broadens its investor base and raises its capital to the equivalent of Euro 50 million in September 1999.

The Bank became the first in Portugal to offer its clients through internet:

  • access to international stock exchanges
  • third party funds via a supermarket concept
  • warrants trading
  • high current account remuneration via its now standard “superconta”

All four major banking competitors follow BiG and launch their own online offerings – under a multibranding strategy - in an effort to compete in this new segment.

While building its wholesale and capital markets areas in a challenging market, the Bank continues to invest in upgrades to retail platform BiG, which evolves from primarily a broker to a full service banking operation.

The Bank raises its common stock to Euro 75 million in September 2001.

Major product offerings and user-friendly platforms are added: short selling, futures trading, commodities trading, mortgage banking.

The Bank begins to reach out to clients through other channels: mobile banking, road shows designed to instruct and inform clients, and experiments with distribution via in-store concepts in retail chains and airports.

BiG introduces the brand BancoBiG and begins to focus as well on the mainstream savings client. Current network includes 13 branches and 26 ATMs throughout Portugal.

Growth in volumes, revenues and clients, and expansion geographically proceed, along with constant innovation, in spite of a series of crises affecting the general financial markets: sub-prime, credit, banking and European sovereign debt.

During this phase of consolidation and maturation, BancoBiG is named:

Best Bank in Portugal

(medium and small bank category) by EXAME/D&B/Deloitte four out of five years (2007, 2009, 2010, 2011). Also Portugal’s Most Solid Bank in 2010, 2011 on the basis of consistently high solvency ratios:

Tier 1 ratio at 31 December 2011 32,5%
Capital Adequacy Ratio (31/12/2011): 32,6%
Average Tier 1 ratio past five years*: 34,5%
* simple avarage at 31 de December between 2007 to 2011

Management and Staff continue to invest in the Bank through approved stock programs, which raise the common equity between 2008 and 2011 to Euro 104 million. Management owns a combined 15% of the stock of the Bank.

Net Assets at 31 December 2011 were Euro 829 million. Regulatory capital on the same date was € 147 million.

BiG’s internal organizational structure reflects key aspects of the business culture, which have increased the Bank’s resilience and ensured the integrity of its business model during successive financial crises.

BiG benefits from being managed to be transparent, flexible, focused on controlling risks and costs, and able to react quickly to perceived increases in business opportunities. The Bank’s liquidity, asset quality and capital profiles are strong. Other than investments in systems, refinements in the day-to-day management of individual business lines, and more than usual caution in volatile political-economic environment, the events of the past several years have not dictated material changes to the business strategy, which has proven to be robust.

The Bank grows net revenues, client-related business and earnings per share advance considerably during this period.

The Bank has not sought new capital infusions from shareholders since 2001, nor does it require outside assistance or guarantees at any time in its history.

While paying dividends regularly since 2004 – and retaining, on average, 65% of the earnings - Management focuses on capital adequacy, liquidity management, asset quality and the sustained profitability of our business model.


We believe that our principal assets are our people, our capital and our reputation. These concepts are inter-linked and inter-dependent. Management believes that building a internal culture is a primary concern of the top leadership of the Bank, and assumes a direct role in the recruitment, training and career development of our people. We see their development as a key investment and we look for and reward talent at early stages. As a rule, we invite diversity but not in our core values. These include academic excellence, a sense of commitment, teamwork, energy, innovation, respect for others and above all, integrity.

If you feel that you can make a difference in the Bank’s development, please provide and send us your Curriculum Vitae using our Career Form.