Portuguese financial group Banif sells assets un Brazil and Cape Verde

25 September 2013

Portuguese financial group Banif plans to sell the assets it owns in Brazil and Cape Verde by the end of the year, as part of a restructuring plan that will significantly reduce the bank’s international presence, a source from the bank said.

According to the Portuguese financial press, there is interest in the small operation in Cape Verde from potential African investors, whilst in Brazil, where Banif has a retail and investment bank known as Banif Brasil, there is local interest in this business, which is managed by the Crédit Suisse bank.

In Spain all Banif has left is a 33.32 percent stake in Banco Pueyo which is also up for sale, and it is not clear yet if Brussels will require the sale of its operations in Hungary, Slovakia and Poland.

In Jnauary the Portuguese state injected 1.1 billion euros into Banif, in order to recapitalise the bank, and became the bank’s majority shareholder with a 73.964 percent stake.

According to the Portuguese financial press, the deadlines agreed by Banif and the government, both to pay their back convertible bonds as well as to increase capital, have been successively put off and there have also been delays in finalising the bank’s restructuring plan in Brussels. (macauhub)