Banif Financial Group ( pt, Banif - Grupo Financeiro) was a Portuguese 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 Europe, South America,

North America North America is a continent in the Northern Hemisphere and almost entirely within the Western Hemisphere. It is bordered to the north by the Arctic Ocean, to the east by the Atlantic Ocean, to the southeast by South America and the Car ...

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

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 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. 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 Santander Group, 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

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 Indusval, giving them a place on the floor of the New York Stock Exchange.

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