Banif Financial Group

Banif was founded and incorporated by Horácio Roque{{cite news|title=Banif bank founder Horácio Roque dies|url=http://www.theportugalnews.com/cgi-bin/article.pl?id=1062-6|work=The Portugal News|date=2010-05-22|accessdate=2010-05-30|archive-url=https://web.archive.org/web/20110717023908/http://www.theportugalnews.com/cgi-bin/article.pl?id=1062-6|archive-date=2011-07-17|url-status=dead}} on 15 January 1988 and took over all of the assets and liabilities of the defunct Caixa Económica do Funchal. In 1995, it opened offices in Caracas, Venezuela and South Africa; in 1996 in São Paulo, Brazil; and in 2008 in San Ġiljan, Malta.

In the wake of the Portuguese sovereign debt and banking crisis, Banif was one among a number of Portuguese banks which were nationalized in order to be rescued by the government. In December 2015, as part of a 2,2 billion euro bailout and restructuring, the Portuguese government sold the remainder of Banif's assets to Banco Santander Totta, the Portuguese subsidiary of Santander Group, for 150 million euros.[https://www.reuters.com/article/us-portugal-banif-idUSKBN0U400D20151221 Portugal sells Banif to Santander as part of 2.2 billion euro rescue], Andrei Khalip et Sergio Goncalves, Reuters, 21 décembre 2015[https://www.bloomberg.com/news/articles/2015-12-21/portugal-sells-banif-to-santander-plans-aid-for-bank-resolution Santander Buys Portugal's Banif for $163 Million Amid Resolution], bloomberg.com, retrieved 22 December 2015

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Banif consisted of the following subsidiaries, most of which have either been incorporated or purchased:

• SGM – Sociedade Gestora de Fundos de Pensões Mundial, S.A. (1989)
• Ascor Dealer – Sociedade Financeira de Corretagem, S.A. (1989)
• Mundileasing – Sociedade de Locação Financeira, S.A. (1990)
• Mundicre – Sociedade Financeira para Aquisições a Crédito, S.A. (1991)
• Banifundos – Sociedade Gestora de Fundos de Investimento Mobiliário, S.A. (1991)
• Invesfeiras – Investimentos Imobiliários, S.A. (1991)
• Banif – Investimentos – S.G.P.S., S.A. (1992)
• Banifólio – Sociedade Gestora de Patrimónios, S.A. (1992)
• Banif – Banco Internacional do Funchal (Cayman), Ltd. (1993)
• Açoreana Seguros (1996)
• Banco Comercial dos Açores (1996)
• BanifServ Agrupamento Complementar de Empresas de Serviços, Sistemas e Tecnologias de Informação (1997)
• Banif – Banco de Investimento, S.A. (2000)
• Banif Financial Services, Inc. (2001)
• Banif Mortgage Company (2002)

In March 1992, Banif first appeared on the Lisbon and Porto stock exchanges.

In 2002, Banif Securities acquired the Brazilian brokerage firm Indusval, giving them a place on the floor of the New York Stock Exchange.

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Category:Defunct banks of Portugal

Category:Banks established in 1988

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Category:2015 disestablishments in Portugal

Category:Funchal

Category:Portuguese companies established in 1988