Banco BPI and the reimbursement of contingent convertible subordinated bonds (CoCos)

This case study focuses on the BPI’s recapitalization plan, its causes and the reasons for the early reimbursement of CoCos in June 2014. The need for a capital intervention and the subsequent subscription agreement with the Portuguese Government of €1 500 million Core Tier 1 instruments were the result of a temporary capital buffer for sovereign debt exposures imposed by the European Banking Authority. The capital increase, the positive earnings in 2012 and 2013, the improvements in the sovereign debt crisis, the implementation of Basel III, in addition to the public exchange offer and the conversion of deferred tax assets into tax credits are the main factors for concluding the entire recapitalization operation three years before the deadline.

Banco Invest's internationalization

Field lab: Business project

Evolutionary dynamics of Chlamydia trachomatis genome and identification of molecular patterns of hypothetical protein coding genes

The obligate intracellular bacterium Chlamydia trachomatis is a human pathogen of major public health significance. Strains can be classified into 15 main serovars (A to L3) that preferentially cause ocular infections (A-C), genital infections (D-K) or lymphogranuloma venereum (LGV) (L1-L3), but the molecular basis behind their distinct tropism, ecological success and pathogenicity is not welldefined. Most chlamydial research demands culture in eukaryotic cell lines, but it is not known if stains become laboratory adapted. By essentially using genomics and transcriptomics, we aimed to investigate the evolutionary patterns underlying the adaptation of C. trachomatis to the different human tissues, given emphasis to the identification of molecular patterns of genes encoding hypothetical proteins, and to understand the adaptive process behind the C. trachomatis in vivo to in vitro transition. Our results highlight a positive selection-driven evolution of C. trachomatis towards nichespecific adaptation, essentially targeting host-interacting proteins, namely effectors and inclusion membrane proteins, where some of them also displayed niche-specific expression patterns. We also identified potential "ocular-specific" pseudogenes, and pointed out the major gene targets of adaptive mutations associated with LGV infections. We further observed that the in vivo-derived genetic makeup of C. trachomatis is not significantly compromised by its long-term laboratory propagation. In opposition, its introduction in vitro has the potential to affect the phenotype, likely yielding virulence attenuation. In fact, we observed a "genital-specific" rampant inactivation of the virulence gene CT135, which may impact the interpretation of data derived from studies requiring culture. Globally, the findings presented in this Ph.D. thesis contribute for the understanding of C.trachomatis adaptive evolution and provides new insights into the biological role of C. trachomatishypothetical proteins. They also launch research questions for future functional studies aiming toclarify the determinants of tissue tropism, virulence or pathogenic dissimilarities among C. trachomatisstrains.

Tomada de decisão em engenharia com base na teoria axiomática – caso de seleção de banco de ensaios para atuadores hidráulicos

A atividade de engenharia implica uma constante necessidade de tomadas de decisão. Na sua atividade profissional, o engenheiro está permanentemente a ter que tomar decisões cuja dificuldade pode variar desde casos simples até situações de elevada complexidade, dependendo do número de fatores envolvidos e da sua incerteza associada. A tomada de decisão durante a parte conceptual do projeto é uma destas situações, na medida em que as decisões então tomadas determinam fortemente os desenvolvimentos subsequentes. Por outro lado, a informação disponível é ainda escassa. Para além disso, quaisquer alterações posteriores contribuirão necessariamente para o encarecimento da solução final. É sobre a tomada de decisão na fase embrionária do projeto que se insere a presente dissertação. Nela se enfoca a importância da existência de ferramentas de suporte à tomada de decisão em projeto de engenharia contribuindo para a fundamentação das opções tomadas. Como exemplo, neste trabalho é feita a escolha de uma opção, de entre quatro possíveis apresentadas, para um banco de ensaios para atuadores hidráulicos usados no trem de aterragem dos aviões Dornier 228. Inicialmente são apresentadas algumas das principais teorias e métodos para apoio à tomada de decisão em engenharia, tendo sido eleita a Teoria Axiomática do Projeto como ferramenta de suporte para a seleção da melhor opção entre várias soluções alternativas. A escolha da Teoria Axiomática reside no facto de esta se caracterizar por ter uma fundamentação teórica de acordo com os padrões da ciência moderna e apresentar uma base analítica rigorosa para a condução da atividade de projeto. Depois de uma análise detalhada à legislação aeronáutica aplicável aos ensaios e do levantamento das condições físicas e humanas existentes na empresa onde decorreu o presente estudo, foram geradas quatro soluções alternativas para a instalação de um banco de ensaios para atuadores hidráulicos. A opção selecionada foi feita com base no conteúdo de informação de cada alternativa, de acordo segundo axioma da Teoria Axiomática. A dissertação termina com o desenvolvimento mais detalhado da solução eleita, após o que são retiradas conclusões e apontadas desejáveis ações futuras.

Gold nanoprobes for assessing expression of critical genes in the infection pathway of MRSA

Staphylococcus aureus is an important opportunistic pathogen that can cause a wide variety of diseases from mild to life-threatening conditions. S. aureus can colonize many parts of the human body but the anterior nares are the primary ecological niche. Its clinical importance is due to its ability to resist almost all classes of antibiotics available together with its large number of virulence factores. MRSA (Methicillin-Resistant S. aureus) strains are particularly important in the hospital settings, being the major cause of nosocomial infections worldwide. MRSA resistance to β-lactam antibiotics involves the acquisition of the exogenous mecA gene, part of the SCCmec cassette. Fast and reliable diagnostic techniques are needed to reduce the mortality and morbidity associated with MRSA infections, through the early identification of MRSA strains. The current identification techniques are time-consuming as they usually involves culturing steps, taking up to five days to determine the antibiotic resistance profile. Several amplification-based techniques have been developed to accelerate the diagnosis. The aim of this project was to develop an even faster methodology that bypasses the DNA amplification step. Gold-nanoprobes were developed and used to detect the presence of mecA gene in S. aureus genome, associated with resistance traits, for colorimetric assays based on non-crosslinking method. Our results showed that the mecA and mecA_V2 gold-nanoprobes were sensitive enough to discriminate the presence of mecA gene in PCR products and genomic DNA (gDNA) samples for target concentrations of 10 ng/μL and 20 ng/μL, respectively. As our main objective was to avoid the amplification step, we concluded that the best strategy for the early identification of MRSA infection relies on colorimetric assays based on non-crosslinking method with gDNA samples that can be extracted directly from blood samples.

Banco Invest understanding the drivers of growth

Field lab: Business project

Banco BPI SA financial institutions

Equity research report

Banco Invest understanding how to grow in the Portuguese individual clients segment the client analysis

Field lab: Business project

The price of honour: The corporate governance of Banco Espirito Santo

The Price of Honour is a case study, supported with teaching notes, which describes the events and circumstances surrounding the implosion of one of Portugal’s most systemically important banks - Banco Espírito Santo (BES). The case focuses on BES’s corporate governance and how the Espírito Santo family’s tight control of the bank led to its exploitation. Although the situation caught the attention of the bank’s supervisors, their untimely actions could not prevent BES’s financial health from crumbling only two months after a rights issue. With little leeway, the supervisors put forward a resolution which dramatically ended the bank’s centennial legacy.

Banco de Sabell, S.A.

Equity research report

Banco invest: Understanding how to grow in teh portuguese individual clients segment competitors analysis

Field lab: Business project

Banco invest: Understanding how to grow in the portuguese individual clients segment benchnarking

Field lab: Business project

Banco Invest understanding the drivers of growth

Field lab: Business project

Banco invest: Understanding how to grow in the portuguese individual clients segment

Field lab: Business project