Sale of Banco Caboverdiano de Negócios bank completed in July

12 May 2015

Portuguese bank Banco Internacional do Funchal (Banif) expects to complete the sale of Cape Verdean bank Banco Caboverdiano de Negócios (BCN), Banif Bank (Malta) and the Açoreana insurance company by the end of July in order to replenish capital, Portuguese financial daily Diário Económico reported.

The paper added that only after these sales will Banif reimburse the Portuguese State for the final instalment of hybrid instruments eligible for capital (CoCo bonds or convertible contingent bonds).

The final portion that it has yet to pay is of 125 million euros and was due to have been paid by 31 December 2014.

In a statement issued by the Portuguese Securities Market Commission (CMVM), the bank’s management said those stakes as well as those in Banif – Banco Internacional do Funchal (Brazil) and Banif SGPS are classified as discontinued operations in the banking group’s consolidated income statement for 31 March, 2015.

In the first quarter of 2015, consolidated net profit for the bank stood at 6.5 million euros, compared with a loss of 39.7 million euros in the same period of 2014 which “corresponds to a return to profits after a deep restructuring period.” (macauhub/CV/BR/PT)