Banif Financial Group

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Banif – SGPS, S.A.
Sociedade Anónima
Traded as EuronextBNF
Industry Financial services
Founded 1988
Founder Horácio Roque
Headquarters Funchal, Portugal
Key people
Jorge Tomé (CEO), Luís Amado (Chairman)
Products Retail and investment banking, insurance, asset management, private equity, factoring
Revenue €552.5 million (2010)[1]
€58.1 million (2010)[1]
Profit €33.4 million (2010)[1]
Total assets €15.71 billion (end 2010)[1]
Total equity €1.279 billion (end 2010)[1]
Number of employees
5,400 (end 2010)[1]

Banif Financial Group (Portuguese: Banif - Grupo Financeiro) was a state-owned Portuguese international financial services group associated with the Banco Internacional do Funchal. In December 2015 Banco Santander Totta, a subsidiary of Santander Group agreed to buy lending operations of Portugal’s Banif-Banco Internacional do Funchal SA for 150 million euros.[2] The company has a presence in Europe, South America, North America, Africa and Asia.


Banif was founded and incorporated by Horácio Roque[3] 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. Due to 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.


Banif in Belo Horizonte.

Banif consists 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[edit]


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

North American[edit]

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


  1. ^ a b c d e f "Annual Report 2010". Banco Português de Investimento. Retrieved 24 July 2011. 
  2. ^ Santander Buys Portugal's Banif for $163 Million Amid Resolution,, retrieved 22 December 2015
  3. ^ "Banif bank founder Horácio Roque dies". The Portugal News. 2010-05-22. Retrieved 2010-05-30. 

External links[edit]