Type Sociedade Anónima Founded 1988, Funchal, Portugal | Revenue €552.5 million (2010) Number of employees 5,400 | |
 | ||
Key people Jorge Tomé (CEO), Luís Amado (Chairman) Total equity 1.279 billion EUR (end 2010) | ||
Banif Financial Group (Portuguese: Banif - Grupo Financeiro) was a state-owned Portuguese international financial services group associated with the Banco Internacional do Funchal. In December 2015 Banco Santander Totta, a subsidiary of Santander Group agreed to buy lending operations of Portugal’s Banif-Banco Internacional do Funchal SA for 150 million euros. The company has a presence in Europe, South America, North America, Africa and Asia.
Contents
History
Banif was founded and incorporated by Horácio Roque 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. Due to 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.
Subsidiaries
Banif consists of the following subsidiaries, most of which have either been incorporated or purchased:
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.