Portuguese bank Banif plans to triple its number of branches in Brazil

9 February 2007

Lisbon, Portugal, 9 Feb – Portuguese bank Banif plans to triple its network of branches in Brazil by opening over 17 branches and boost its Portuguese network by 65 branches in order to have 300 branches by 2008, the group’s chairman Horácio Roque said in Lisbon Thursday.

Brazil “was a bet that has come through,” said Roque at the press conference to present the bank’s results, which justified the plan to open new branches, expected to triple by 2008.

In Brazil, the bank currently has 8 branches and two offices.

The aim is to have 25 branches by the end of that year, mainly in Sao Paulo and Rio de Janeiro, as well as in the regions of Curitiba and Porto Alegre, in the south, and some cities in the Northeast.

Banif’s international operations already represent around 13 percent of the group’s net profit, which in totaled 78.1 million euros in 2006, and the aim is for their weighting to increase to 20 percent.

In 2006, Banif SGPS, the holding company of the Banif financial group, posted profit of 78.1 million euros, or 28.3 percent more than the previous year. (macauhub)