Banif – Banco de Investimento sold to Chinese investment company

12 August 2016

Banif – Banco de Investimento (BBI) has been sold to the investment company Bison Capital Financial Holdings (Hong Kong) Limited for an undisclosed amount, Oitante announced on Thursday in Lisbon.

Oitante is a limited company established by decision of the Bank of Portugal on 20 December 2015. Its corporate purpose is to administer the rights and obligations comprising assets of Banco Internacional do Funchal (Banif).

“Oitante selected the proposal submitted by Bison Capital Financial Holdings (Hong Kong) Limited because it put forward the most favourable conditions to maximise the sale of BBI, including the offer of a purchase value above the book value of BBI’s equity,” the company indicated.

Banif – Banco de Investimento (BBI) was shifted to the special purpose vehicle Oitante in the scope of the Banif resolution announced on 20 December. After increasing its capital by 29.4 million euros last January its equity capital stood at 114.4 million euros.

The institution was placed on sale in April, awakening the interest of Chinese entrepreneur Peixin Xu, who has made a career in information technologies. A stock purchase contract was signed last week.

Following the Banco Internacional de Funchal (Banif) resolution, some assets were transferred to the Santander Totta bank for 150 million euros. But those unwanted by the Spanish bank, such as Açoreana Seguros (recently bought by Tranquilidade) and BBI, among others, were shifted to Oitante.

The Beijing-based Bison Capital Holding Company Limited operates as an investment company and was founded by its current chief executive, Peixin Xu. (Macauhub/CN/PT)