Banco Internacional do Funchal (BANIF)
Banco Internacional do Funchal (BANIF) is an international bank, founded in Portugal, with a presence in South America, North America, Europe and Africa. It is part of the Banif Group.
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HISTORY
1988
Banif – Banco Internacional do Funchal was incorporated on 15 January, with share capital of 11,000 million PTE, taking over the entire assets and liabilities of the defunct Caixa Económica do Funchal, including accrued losses of approximately 9,780 million PTE, to be depreciated over 3 years.
1989
January – incorporation of SGM – Sociedade Gestora de Fundos de Pensões Mundial, S.A..
December – incorporation of Ascor Dealer – Sociedade Financeira de Corretagem, SA, a joint venture between Banif, Corretor Abílio Agostinho de Sousa, Bilbao Vizcaya – Sociedade de Investimento, SA, Companhia Portuguesa Rádio Marconi, SA, Fincor – Mediação Financeira, SA and Paluel Marmont Banque.
1990
Incorporation of Mundileasing – Sociedade de Locação Financeira, SA, a joint venture between Banif, Crédito Predial Português, EP, and Bilbao Vizcaya – Sociedade de Investimento, SA.
1991
Incorporation of Mundicre – Sociedade Financeira para Aquisições a Crédito, SA, in association with Crédito Predial Português.
Incorporation of Banifundos – Sociedade Gestora de Fundos de Investimento Mobiliário, SA.
BBV's holding in the share capital of Mundileasing bought out by Banif and Crédito Predial Português, in equal shares.
Take-over of Invesfeiras – Investimentos Imobiliários, SA.
Increased holding in SGM – Sociedade Gestora de Fundos de Pensões Mundial, SA, with Banif now the majority shareholder.
1992
In March, Banif shares quoted for the first time on the Lisbon and Porto stock exchanges.
Incorporation of Banif – Investimentos – SGPS, SA, to manage the Banif Group's holdings.
Incorporation of Banifólio – Sociedade Gestora de Patrimónios, SA, wholly owned by Banif.
Banif becomes the sole shareholder in SGM – Sociedade Gestora de Fundos de Pensões Mundial, SA.
1993
Banif Investimentos – SGPS, SA buys out the other shareholders in Mundileasing and Mundicre, and share capital of Banifólio increased to 70 million PTE.
In Georgetown, Great Cayman, incorporation of Banif – Banco Internacional do Funchal (Cayman), Ltd., with share capital of 10 million USD, wholly owned by Banif, S.A.
1994
Share capital of Banif – Banco Internacional do Funchal (Cayman), Ltd. increased to 26 million USD, wholly owned by Banif – Investimentos – SGPS, SA.
Share capital of Banifundos increased to 200 million PTE, and share capital of Invesfeiras increased to 50 million PTE, with a change of name to Banif – Imobiliária, SA.
Banif – Investimentos – SGPS, SA acquires approximately 70% of the share capital of Ascor Dealer, giving it an interest of almost 80% in the company.
1995
Representative office opened in Caracas (Venezuela) and a more active structure created in South Africa.
Banif – Investimentos, SGPS, SA acquires 25% of the share capital of Espaço Dez – Sociedade Imobiliária, Lda., whilst the share capital of Banif – Imobiliária, SA is increased to 150 million PTE.
1996
Representative office opened in São Paulo (Brazil).
Banif leads the winning group bidding for the privatisation of 56% of the share capital of Banco Comercial dos Açores, SA.
Subsequent to taking up a controlling position in BCA, Banif also takes over control of Companhia de Seguros Açoreana, SA.
1997
CSA acquires a 67% stake in the share capital of Oceânica – Companhia de Seguros, SA.
Incorporation of BanifServ Agrupamento Complementar de Empresas de Serviços, Sistemas e Tecnologias de Informação.
1998
The Bank acquires the holdings of the Santa Casa de Misericórdia de Angra do Heroísmo and the Santa Casa de Misericórdia de Ponta Delgada in Banif Açores, SGPS, giving it 90% ownership of this company.
1999
Banif and the BIPOP Banco Popolare di Brescia enter into an agreement for investment funds, whereby Cisalpina Gestioni, the BIPOP Group management company is to acquire a 30% interest in Banifundos – Sociedade Gestora de Fundos de investimento Mobiliário, SA, through a share issue of 100 million PTE, the company name being changed to Banifundos Cisalpina.
In September, merger of Companhia de Seguros Açoreana with Oceânica – Companhia de Seguros, with Oceãnica being incorporated into CSA, whose share capital is increased from 3 to 4 billion PTE.
Bid by Companhia de Seguros Açoreana for the publicly owned interest in O Trabalho – Companhia de Seguros, SA.
At the end of 1999, conclusion of the acquisition of 51% of Banco Primus, a Brazilian investment bank based in Rio de Janeiro, with offices in São Paulo, changing its name to Banco Banif Primus. At the same time, Primus Corretora de Valores e Câmbio, SA, 100% owned by Banco Primus, also changed its name to Banif Primus – Corretora de Valores e Câmbio, SA.
2000
On 15 December, formal incorporation of Banif – Banco de Investimento, SA, with share capital of 20 million Euros, wholly owned by Banif – Investimentos SGPS, SA.
Companhia de Seguros Açoreana acquires approx. 99% of the share capital of O Trabalho Companhia de Seguros, which in turn wholly owns O Trabalho Vida – Companhia de Seguros.
2001
Acquisition of 85% of the capital of EconoFinance – Brasil, a financial portal which will support all of the Banif Group’s international private banking business.
2002
As resolved at the Extraordinary General Meeting held on 21 December 2001, and as a result of the process of implementation, the structure of the Banif Group is changed as from 1 April 2002, with Banif – Banco Internacional do Funchal being transformed into Banif SGPS, SA, as the Group holding company, at the head of three sub-holdings: Banif Comercial SGPS, SA, Banif Seguros SGPS, SA and Banif Investimentos SGPS, SA.
Banif Securities acquires the Brazilian brokerage firm Indusval, with a presence in the US, giving the Banif Group the only Portuguese brokerage firm with a place on the floor of the New York Stock Exchange.
Incorporation of Banif Mortgage Company, in the USA; in order to explore opportunities in the property loans market.
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