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

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

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, North America,

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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 centre ...

History

Banif was founded and incorporated by Horácio Roque on 15 January 1988 and took over all of the

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

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and

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; in 1996 in

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; and in 2008 in

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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, 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 and

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stock exchanges.

North American

In 2002, Banif Securities acquired the Brazilian

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Indusval, giving them a place on the floor of the

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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