Banif Financial Group ( pt, Banif - Grupo Financeiro) was a

Portuguese Portuguese may refer to: * anything of, from, or related to the country and nation of Portugal ** Portuguese cuisine, traditional foods ** Portuguese language, a Romance language *** Portuguese dialects, variants of the Portuguese language ** Portu ...

international

financial services Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...

group associated with Banco Internacional do Funchal. The company had a presence in

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Africa Africa is the world's second-largest and second-most populous continent, after Asia in both cases. At about 30.3 million km2 (11.7 million square miles) including adjacent islands, it covers 6% of Earth's total surface area ...

and

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. In 2015, it was bailed-out by the Portuguese state and sold to

Santander Group Banco Santander, S.A., doing business as Santander Group (, , Spanish: ), is a Spanish multinational financial services company based in Madrid and Santander in Spain. Additionally, Santander maintains a presence in all global financial centres ...

History

Banif was founded and incorporated by

Horácio Roque Horácio da Silva Roque (12 April 1944 – 19 May 2010) was a Portuguese financier and businessman, who founded the Banco Internacional do Funchal (BANIF) in 1988. Horácio Roque was born in Oleiros, Oleiros, on the 12th of April, 1944. At the ...

on 15 January 1988 and took over all of the

asset In financial accountancy, financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value ...

s and liabilities of the defunct Caixa Económica do Funchal. In 1995, it opened offices in

Caracas, Venezuela Caracas (, ), officially Santiago de León de Caracas, abbreviated as CCS, is the capital and largest city of Venezuela, and the center of the Metropolitan Region of Caracas (or Greater Caracas). Caracas is located along the Guaire River in the ...

and

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; in 1996 in

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; and in 2008 in

San Ġiljan Saint Julian's ( mt, San Ġiljan) is a town in the Central Region of Malta. As of 2020, its registered number of inhabitants stands at 13,792. It is situated along the coast, north of the country's capital, Valletta. It is known for tourism-or ...

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. 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 Totta Banco Santander Totta S.A., also known as Banco Santander (Portugal), is a subsidiary of Banco Santander in Portugal. Founded in 1988, it is currently the largest private bank in Portugal. In 2000, the then Banco Totta was acquired by Santander G ...

, the Portuguese subsidiary of

, for 150 million euros.Santander Buys Portugal's Banif for $163 Million Amid Resolution
bloomberg.com, retrieved 22 December 2015

Subsidiaries

Banif consisted of the following subsidiaries, most of which have either been incorporated or purchased: * SGM – Sociedade Gestora de Fundos de Pensões Mundial, S.A. (1989) * Ascor Dealer – Sociedade Financeira de Corretagem, S.A. (1989) * Mundileasing – Sociedade de Locação Financeira, S.A. (1990) * Mundicre – Sociedade Financeira para Aquisições a Crédito, S.A. (1991) * Banifundos – Sociedade Gestora de Fundos de Investimento Mobiliário, S.A. (1991) * Invesfeiras – Investimentos Imobiliários, S.A. (1991) * Banif – Investimentos – S.G.P.S., S.A. (1992) * Banifólio – Sociedade Gestora de Patrimónios, S.A. (1992) * Banif – Banco Internacional do Funchal (Cayman), Ltd. (1993) * Açoreana Seguros (1996) * Banco Comercial dos Açores (1996) * BanifServ Agrupamento Complementar de Empresas de Serviços, Sistemas e Tecnologias de Informação (1997) * Banif – Banco de Investimento, S.A. (2000) * Banif Financial Services, Inc. (2001) * Banif Mortgage Company (2002)

Stock exchange floats

Portuguese

In March 1992, Banif first appeared on the

Lisbon Lisbon (; pt, Lisboa ) is the capital and largest city of Portugal, with an estimated population of 544,851 within its administrative limits in an area of 100.05 km2. Grande Lisboa, Lisbon's urban area extends beyond the city's administr ...

and

Porto Porto or Oporto () is the second-largest city in Portugal, the capital of the Porto District, and one of the Iberian Peninsula's major urban areas. Porto city proper, which is the entire municipality of Porto, is small compared to its metropol ...

stock exchange A stock exchange, securities exchange, or bourse is an exchange where stockbrokers and traders can buy and sell securities, such as shares of stock, bonds and other financial instruments. Stock exchanges may also provide facilities for th ...

North American

In 2002, Banif Securities acquired the Brazilian

brokerage firm A broker is a person or firm who arranges transactions between a buyer and a seller for a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. Neither role should be confu ...

Indusval, giving them a place on the floor of the

New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed c ...

References

External links

* {{DEFAULTSORT:Banco Internacional Do Funchal Defunct banks of Portugal Banks established in 1988 Banks disestablished in 2015 2015 disestablishments in Portugal Funchal Portuguese companies established in 1988