Brazilian bank backs off purchase of Portuguese Banif Brasil

12 August 2016

Brazilian investment bank BTG Pactual has decided not to purchase Banif Brasil, withdrawing its non-binding bid to purchase the Brazilian subsidiary of the Banif Portugal banking group, the bank announced in a statement to the market.

The proposed purchase, which involved other assets of the Banif Portugal group and Oitante, was withdrawn due to “non-verification of the precedent conditions contained in the bid,” indicates the statement released on Wednesday.

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 that comprise assets of Banco Internacional de Funchal (Banif).

BTG Pactual had announced on 12 July that it was negotiating acquisition of Banif’s Brazilian unit and various assets of Oitante, submitting a non-binding proposal.

The deal, beginning with a partnership giving the Brazilian bank the right to enter management of what was considered the Banif group’s weak point, would later evolve to become an acquisition.

BTG Pactual is a bank whose activity focuses on investment banking operations and wealth and asset management.  (Macauhub/BR/PT)