{{Short description|Portuguese financial services group, 1988–2015}} {{Infobox company | name = Banif – SGPS, S.A. | type = Sociedade Anónima | traded_as = {{Euronext|BNF}} | logo = Banif.svg | logo_size = 120px | founded = 1988 in Funchal, Portugal | founder = Horácio Roque | defunct = {{End date|2015|12|21}} | fate = Nationalised and sold to Santander Group | successor = Banco Santander Portugal | products = Retail and investment banking, insurance, asset management, private equity, factoring | key_people = Jorge Tomé <small>(CEO)</small>, Luís Amado <small>(Chairman)</small> | industry = Financial services | revenue = €552.5 million <small>(2010)</small><ref name="AR2010">{{cite web |url=http://bpi.bancobpi.pt/storage/download/ficheiro.54C95FF4-1295-42C6-A4F3-BBC3C15A35F2.1.pt.asp?id=03AC3009-DA27-4F81-AA3C-24D906AC568F |title=Annual Report 2010 |accessdate=24 July 2011 |publisher=Banco Português de Investimento}}</ref> | operating_income = €58.1 million <small>(2010)</small><ref name="AR2010" /> | net_income = €33.4 million <small>(2010)</small><ref name="AR2010" /> | assets = €15.71 billion <small>(end 2010)</small><ref name="AR2010" /> | equity = €1.279 billion <small>(end 2010)</small><ref name="AR2010" /> | num_employees = 5,400 <small>(end 2010)</small><ref name="AR2010" /> | subsid = | homepage = [https://web.archive.org/web/20150202112353/http://www.banif.pt/home.htm www.grupobanif.pt] }}
'''Banif Financial Group''' ({{langx|pt|Banif - Grupo Financeiro}}) was a Portuguese international financial services group associated with '''Banco Internacional do Funchal'''. The company had a presence in Europe, South America, North America, Africa and Asia. In 2015, it was bailed-out by the Portuguese state and sold to Santander Group.
==History== Banif was founded and incorporated by Horácio Roque<ref name=pn>{{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}}</ref> 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.
On 15 January 2008, the bank rebranded, adopting a centaur as its symbol, a "symbol of strength and intelligence", the usage of indigo as a brand color, with its own "strength and personality", as well as being easy to recognize, and the slogan {{lang|pt|A força de acreditar}} (the power of believing) in order to boost support for the bank. A total of €20 million was invested in the campaign.<ref>{{cite news |title=20 milhões de euros para mudar Banif |url=http://www.meiosepublicidade.pt/2008/01/15/20-milhoes-de-euros-para-mudanca-do-banif/ |work=Meios e Publicidade |date=15 January 2008 |archive-url=https://arquivo.pt/wayback/20110608181612/http://www.meiosepublicidade.pt/2008/01/15/20-milhoes-de-euros-para-mudanca-do-banif/ |archive-date=8 June 2011 |language=pt-pt}}</ref>
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 Portugal, the Portuguese subsidiary of Santander Group, for 150 million euros.<ref>[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</ref><ref>[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</ref>
==Subsidiaries== [[File:Banif.JPG|thumb|250px|right|'''Banif''' in Belo Horizonte.]] 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)
==Stock exchange floats==
===Portuguese=== In March 1992, Banif first appeared on the Lisbon and Porto stock exchanges.
===North American=== In 2002, Banif Securities acquired the Brazilian brokerage firm Indusval, giving them a place on the floor of the New York Stock Exchange.
==References== {{reflist}}
==External links== *{{official website}} {{Portal|Banks}}
{{PSI-20 companies}} {{Banks of Portugal}} {{authority control}}
{{DEFAULTSORT:Banco Internacional Do Funchal}} Category:Defunct banks of Portugal Category:Banks established in 1988 Category:Banks disestablished in 2015 Category:2015 disestablishments in Portugal Category:Funchal Category:Portuguese companies established in 1988