The Montepio Geral Associação Mutualista, founded in 1840, under the direction of Francisco Manuel Álvares Botelho, a distinguished State servant, residing in Lisbon, developed its activity around its Caixa Económica, founded in 1844, providing its members with innovative solutions at the time.
During the first half of the 20th century, and despite the critical view of the authorities, it adapted to new needs, and from the 1980s onwards, with the expansion of its Caixa Económica commercial network, it significantly expanded its association base.
Of the 17,711 members in 1990, it exceeded 139 thousand in 2000, reaching in 2024 a figure slightly above 610 thousand.
Seeking to respond, simultaneously, to the problems of each person, per se, and of everyone, as a whole, the extraordinary journey that took until the end of the first decade of the 21st century was always based on two major premises. On the one hand, respect for the values that are the DNA of mutualism: democracy, freedom, transparency, justice and solidarity. On the other, the credibility that, since its foundation, was based on a solid financial component, built on the idea that “you should never take a step bigger than your own leg”.
Unfortunately, unwise decisions to expand the insurance and banking business, clearly taken out of time, associated with strong changes in context, severely shook the Institution, creating the conditions for a “perfect storm” that put the largest mutual society in the country at risk.
In December 2018, associates had the opportunity to choose between different paths, opting for a solution that, as was seen in October 2019, did not bring the expected results, culminating in the departure of the organization’s main leader.
The 2021 elections were distinguished by plurality and a debate centered on programs, rather than on candidates’ suitability. Associates freely exercised their choice.
Four years later, Montepio is better and that is indisputable. It left the front pages of the newspapers, the main performance indicators improved (with all companies in the group showing positive results) and, in addition, it was possible to increase the association base.
However, the challenges remain enormous. In an accelerating world where geopolitical uncertainties are at maximum levels, the emergence of new technologies and new business models simultaneously challenge traditional associations and the operating model of the Institution’s largest assets: banks and insurance companies. At the same time, the regulatory framework has become more demanding and the rapid changes in the needs of Members require a permanent reconfiguration of the mutual offer.
It is in this challenging context that the next elections for Montepio will be held.
I am confident in the future of our institution. But I also know that only with everyone’s involvement can we ensure the continuity of a project that has (and has always had throughout its history) a unique and irreplaceable role in Portuguese society.
Montepio is not just an Institution. It’s a story, it’s a mission, it’s a responsibility that must bring us together and unite us.
In the next four years, we will all be few. Each contribution will be essential. Every voice will count. Every gesture will make a difference.
In this context, in line with what has been done in recent years, it will be up to the future Montepio Administration to join efforts and mobilize Associates for action, while the different currents represented in the Assembly of Representatives must remain open to dialogue.
Only in this way can we guarantee that Montepio continues to be what it has always been: a reference of solidarity and trust.
Montepio associate and university professor