Banif Financial Group

Last updated
Banif – SGPS, S.A.
Company type Sociedade Anónima
Euronext:  BNF
Industry Financial services
Founded1988 in Funchal, Portugal
Founder Horácio Roque
DefunctDecember 21, 2015 (2015-12-21)
FateNationalised and sold to Santander Group
Successor Banco Santander Portugal
Key people
Jorge Tomé (CEO), Luís Amado (Chairman)
Products Retail and investment banking, insurance, asset management, private equity, factoring
Revenue€552.5 million (2010) [1]
€58.1 million (2010) [1]
€33.4 million (2010) [1]
Total assets €15.71 billion (end 2010) [1]
Total equity €1.279 billion (end 2010) [1]
Number of employees
5,400 (end 2010) [1]
Website www.grupobanif.pt

Banif Financial Group (Portuguese : Banif - Grupo Financeiro) was a Portuguese international financial services group associated with Banco Internacional do Funchal. The company had a presence in Europe, South America, North America, Africa and Asia. In 2015, it was bailed-out by the Portuguese state and sold to Santander Group.

Contents

History

Banif was founded and incorporated by Horácio Roque [2] on 15 January 1988 and took over all of the assets and liabilities of the defunct Caixa Económica do Funchal. In 1995, it opened offices in Caracas, Venezuela and South Africa; in 1996 in São Paulo, Brazil; and in 2008 in San Ġiljan, Malta.

On 15 January 2008, the bank rebranded, adopting a centaur as its symbol, a "symbol of strength and intelligence", the usage of indigo as a brand color, with its own "strength and personality", as well as being easy to recognize, and the slogan A força de acreditar (the power of believing) in order to boost support for the bank. A total of €20 million was invested in the campaign. [3]

In the wake of the Portuguese sovereign debt and banking crisis, Banif was one among a number of Portuguese banks which were nationalized in order to be rescued by the government. In December 2015, as part of a 2.2 billion euro bailout and restructuring, the Portuguese government sold the remainder of Banif's assets to Banco Santander Portugal, the Portuguese subsidiary of Santander Group, for 150 million euros. [4] [5]

Subsidiaries

Banif in Belo Horizonte. Banif.JPG
Banif in Belo Horizonte.

Banif consisted of the following subsidiaries, most of which have either been incorporated or purchased:

Stock exchange floats

Portuguese

In March 1992, Banif first appeared on the Lisbon and Porto stock exchanges.

North American

In 2002, Banif Securities acquired the Brazilian brokerage firm Indusval, giving them a place on the floor of the New York Stock Exchange.

References

  1. 1 2 3 4 5 6 "Annual Report 2010". Banco Português de Investimento. Retrieved 24 July 2011.
  2. ↑ "Banif bank founder Horácio Roque dies". The Portugal News . 2010-05-22. Archived from the original on 2011-07-17. Retrieved 2010-05-30.
  3. ↑ "20 milhões de euros para mudar Banif". Meios e Publicidade (in European Portuguese). 15 January 2008. Archived from the original on 8 June 2011.
  4. ↑ Portugal sells Banif to Santander as part of 2.2 billion euro rescue, Andrei Khalip et Sergio Goncalves, Reuters, 21 décembre 2015
  5. ↑ Santander Buys Portugal's Banif for $163 Million Amid Resolution, bloomberg.com, retrieved 22 December 2015
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