Oitante concludes sale of Banif assets to Chinese group

11 July 2018

Portuguese company Oitante has completed the sale of the troubled assets of Banco Internacional do Funchal (Banif) to Chinese group Bison Capital Financial Holdings, which were not acquired by Spanish bank Santander Totta, the company said in a statement released on Tuesday in Lisbon.

Oitante is a public limited company, whose founding was approved by the Board of Directors of the Bank of Portugal at an extraordinary meeting on 20 December, 2015, to manage the rights and obligations involving the assets of Banif – Banco Internacional do Funchal, which were transferred to by a decision of the Bank of Portugal.

In the statement issued, Oitante said the conclusion of the final sale of Banif to the Chinese group, “follows the submission and respective authorisations of the competent authorities, namely the Bank of Portugal, the Directorate General for Competition of the European Commission and the European Central Bank, meeting the conditions established in the contract for the purchase and sale of shares signed on 3 August 2016.”

Oitante also said that, following the competitive bidding process, which started in April 2016, the proposal put forward by Bison Capital Financial Holdings Co. was selected as “the one which set out the most favourable conditions for maximising the value of the sale.”

Banif was the target of a resolution in December 2014, by decision of the government and the Bank of Portugal, with “most of its liabilities and assets” sold to the Santander Totta bank in December 2015 for the sum of €150 million. (macauhub)