Companies from Equatorial Guinea may take a stake in Portuguese bank Banif

6 February 2014

Companies from Equatorial Guinea may take a stake in Madeira-based Portuguese bank Banco Internacional do Funchal (Banif) under the terms of a non-binding memorandum of understanding, the bank said in a statement.

In a statement filed with Portuguese stock market regulator, Banif said that the memorandum was focused on cooperation in the banking sector, under conditions that would later be agreed by both sides.

“Amongst the initiatives is the potential acquisition of a minority stake in Banif by a company from Equatorial Guinea, if possible, in the remaining amount to conclude the second phase of the recapitalisation process of Banif, aimed at international investors (of around 133.5 million euros),” the statement said.

According to Portuguese financial daily Diário Económico, one or both of two state energy companies – Enagas and GEPetrol – would take a stake in Banif. (macauhub)