CTT Correios de Portugal stock tumbles on Banco CTT stake sale

CTT Correios de Portugal (CTT.LS) shares fell about 11% on Tuesday after the company announced its board decided to initiate a process to sell a controlling stake in Banco CTT.

The Portuguese postal service operator said it is conducting a strategic reassessment of its options that could lead to a potential transaction or partnership concerning Banco CTT.

The company stated it will prioritize solutions that ensure its continued role as a long-term partner of Banco CTT.

The decision marks a shift in CTT’s banking operations strategy as it seeks to divest majority control of its financial services subsidiary.