News Daily Spot: The Portuguese bank Santander Banif buys for 150 million euros

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The Portuguese bank Santander Banif buys for 150 million euros

Portuguese Banif Financial Group (Banif) will revert to the Spanish Banco Santander for 150 million euros, according to today informed the Portuguese banking supervisor. 

"National authorities decided today the sale of Banif activity and most of its assets and liabilities to Banco Santander Totta (subsidiary in Portuguese soil) for 150 million euros, "the Bank of Portugal said in a release.

The regulator said it will be transferred to the Spanish group" the generality of activity to Banif Except for troubled assets that will be transferred to a vehicle asset management. "

In the Banif remain a very restricted set of assets, which will be the subject of a future settlement, as well as the positions of the shareholders, the subordinated claims and related parties "explained the supervisor.

With the operation, Santander acquires the eighth largest bank by assets in Portugal, known for its importance in the autonomous regions of Madeira and the Azores, as well as between the Portuguese immigrants in abroad. The company has about 6,000 million in deposits and employs about 2,000 workers.

El Portuguese State held a 60% of the entity after injection of 1,100 million euros in 2013, of which 700 became and 400 shares through "Coco" (a hybrid capital instrument) .

Of these, only Banif back 275 million and failed to repay another batch of 125 millones.La sale of Banif was marked by the urgency due to the entry into force on January 1 of a policy change at 

European level requiring shareholders, creditors and savers with deposits above 100,000 euros to respond if quiebra.

The Santander offer was imposed five other proposals that had been submitted to acquire Portuguese bank, among which also included the Spanish Popular Bank, according to information leaked to media lusos.

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