| Banif – SGPS, S.A. | |
| Type: | Sociedade Anónima |
| Founded: | 1988 in Funchal, Portugal |
| Founder: | Horácio Roque |
| Fate: | Nationalised and sold to Santander Group |
| Successor: | Banco Santander Portugal |
| Products: | Retail and investment banking, insurance, asset management, private equity, factoring |
| Key People: | Jorge Tomé (CEO), Luís Amado (Chairman) |
| Industry: | Financial services |
| Revenue: | €552.5 million (2010)[1] |
| Operating Income: | €58.1 million (2010) |
| Net Income: | €33.4 million (2010) |
| Assets: | €15.71 billion (end 2010) |
| Equity: | €1.279 billion (end 2010) |
| Num Employees: | 5,400 (end 2010) |
| Homepage: | www.grupobanif.pt |
Banif Financial Group (pt|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.
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.
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.[3] [4]
Banif consisted of the following subsidiaries, most of which have either been incorporated or purchased:
In March 1992, Banif first appeared on the Lisbon and Porto stock exchanges.
In 2002, Banif Securities acquired the Brazilian brokerage firm Indusval, giving them a place on the floor of the New York Stock Exchange.