The history of the Banif Financial Group dates back to 15 January 1988 and the incorporation of Banif – Banco Internacional do Funchal, which took over the existing assets and liabilities of the defunct Caixa Económica do Funchal, a small and struggling regionally-based institution.
This ambitious project led by a group of private investors, including notably Comendador Horácio Roque, concentrated initially on rehabilitating the institution and creating the foundations for its sustainability in future. Having rapidly achieved this original objective, Banif was soon ready to broaden its horizons and expand into mainland Portugal. Setting itself the strategic aim of becoming a leading player in the Portuguese market, Banif invested in a network of branches to develop its banking business and launched strategic partnerships in other areas of the financial industry.
As part of this process, Banif set up Ascor Dealer (a brokerage firm) in conjunction with two other banks (Uni?o de Bancos Portuguese and Banco Bilbao Vizcaya), and also Mundicre and Mundileasing (leasing and credit firms), as a joint venture with Banco Bilbao Vizcaya and Crédito Predial Português.
Another landmark in the Group’s history came in 1996 with acquisition of the newly-privatised Banco Comercial dos A?ores, which was also the sole shareholder in Companhia de Seguros A?oreana.
This acquisition made the Group the market leader in Portugal’s island regions (Madeira and Azores) and assured its presence in the insurance industry.
In 1999, the Banif Group acquired a strategic holding in Banif Primus, a well-established investment bank in the Brazilian market. This was the Group’s first step towards international expansion, another of features which today defines its structure and international strategy.
The fourth crucial landmark in the formation of the Group as a comprehensive financial services organization was the incorporation of Banif – Banco de Investimento. This new investment bank permitted the Group to offer a full range of financial services and products and has also made an important contribution to the process of international expansion.
Thursday, 01 August 2013 20:37
Thursday, 30 December 1999 19:00