Banif Financial Group

Banif Financial Group, also known in Portuguese as Banif - Grupo Financeiro, was a Portuguese financial-services group associated with Banco Internacional do Funchal. Founded and incorporated by Horácio Roque on 15 January 1988, the group took over the assets and liabilities of the defunct Caixa Económica do Funchal and developed from a Madeira-based banking institution into an international financial-services organization. The group expanded through a combination of subsidiaries, investment vehicles, insurance operations, leasing, consumer finance, brokerage, investment banking and asset-management activities. Its corporate structure included entities such as a pension-fund manager, a securities brokerage, leasing and credit companies, investment-fund and wealth-management businesses, a Cayman Islands banking operation, an insurance company, a regional bank and an information-technology services organization. The group also established or acquired operations outside Portugal, giving it a presence across Europe, South America, North America, Africa and Asia. International development began in the mid-1990s. Banif opened offices in Caracas, Venezuela, and South Africa in 1995, followed by an office in São Paulo, Brazil, in 1996. Its later expansion included Malta, where it opened in San Ġiljan in 2008. The group’s activities in Brazil also extended into securities and brokerage: in 2002, Banif Securities acquired Brazilian brokerage firm Indusval, an event associated with the group’s access to the trading floor of the New York Stock Exchange. Banif undertook a major brand repositioning on 15 January 2008, the twentieth anniversary of its founding. The refreshed identity used a centaur as its symbol, indigo as its principal brand color and the Portuguese slogan “A força de acreditar,” translated as “the power of believing.” The stated purpose was to communicate strength, intelligence, recognition and a distinctive personality. The launch was supported by a reported investment of €20 million in the campaign. The group later became caught in Portugal’s sovereign-debt and banking crisis. Its financial condition led to a government rescue and the nationalization of the bank among a broader set of interventions in the Portuguese banking sector. In December 2015, as part of a reported €2.2 billion 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. The transaction marked the effective end of Banif Financial Group as an independent banking group. Banif is therefore best understood historically as a defunct Portuguese international banking and financial-services group rather than as an active standalone brand.

Banif Financial Group was founded and incorporated in Portugal by Horácio Roque on 15 January 1988. At formation, it took over the assets and liabilities of Caixa Económica do Funchal, a defunct financial institution based in Madeira. The transaction provided the foundation for the group’s later development around Banco Internacional do Funchal and its associated financial-services companies. During the late 1980s and 1990s, Banif broadened its activities beyond conventional banking. Its subsidiaries covered pension-fund management, securities dealing, financial leasing, consumer acquisition finance, investment-fund management, real-estate investment, wealth management and investment banking. The group also developed insurance and technology-services capabilities. Several entities were established during this period, including a pension-fund manager and brokerage in 1989, a leasing company in 1990, a consumer-credit company and investment-fund manager in 1991, and an investment-management holding company in 1992. Banif’s first international expansion included the creation of a Cayman Islands banking operation in 1993. In 1995, it opened offices in Caracas, Venezuela, and South Africa. It entered Brazil through São Paulo in 1996, the same year in which it added the insurance company Açoreana Seguros and Banco Comercial dos Açores to its wider group structure. In 1997, it added a shared-services organization covering services, systems and information technology. These developments reflected an effort to combine banking with a broader financial-services platform and to serve Portuguese-linked and international markets. The group continued adding specialized businesses around the turn of the century. Banif - Banco de Investimento was established in 2000, Banif Financial Services in 2001 and Banif Mortgage Company in 2002. Also in 2002, Banif Securities acquired Brazilian brokerage firm Indusval. The transaction gave Banif a position connected with the floor of the New York Stock Exchange, illustrating the group’s effort to extend its securities activities beyond its Portuguese base. Banif had entered public markets earlier in its history. Its shares first appeared on the Lisbon and Porto stock exchanges in March 1992. The group’s corporate development therefore combined public-market access, subsidiary formation and cross-border expansion. On 15 January 2008, Banif introduced a major brand redesign. The new identity used a centaur as its central symbol, indigo as its main color and the slogan “A força de acreditar,” or “the power of believing.” The centaur was presented as a representation of strength and intelligence, while the color and visual system were intended to make the brand recognizable and distinctive. The campaign reportedly involved an investment of €20 million and sought to strengthen support for the bank and its wider group. The Portuguese sovereign-debt and banking crisis later placed Banif under severe financial pressure. The institution became one of the Portuguese banks rescued by the state, with the government taking control as part of the restructuring process. In December 2015, the state completed a transaction involving a reported €2.2 billion bailout and restructuring. The remaining Banif assets were sold to Banco Santander Portugal, the Portuguese subsidiary of Santander Group, for €150 million. This resolution ended Banif’s existence as an independent financial group. Its historical significance lies in its transformation from a Madeira-based bank into a diversified international financial-services organization, followed by its collapse and state-led resolution during Portugal’s banking crisis.

• 2015

  State rescue and sale to Santander

  [1]Banif Financial Groupen.wikipedia.org

  Following Portugal’s banking crisis, Banif was rescued and restructured by the state. In December, the remaining assets were sold to Banco Santander Portugal.

• 2008

  Major corporate rebrand

  [1]Banif Financial Groupen.wikipedia.org

  Banif adopted a centaur symbol, indigo brand colors and the slogan “A força de acreditar” in a reported €20 million repositioning campaign.

• 2002

  Banif Securities acquires Indusval

  [1]Banif Financial Groupen.wikipedia.org

  Banif Securities acquired the Brazilian brokerage firm Indusval, strengthening the group’s securities presence in Brazil and linking it to activity on the New York Stock Exchange.

• 1996

  Brazilian presence and insurance expansion

  [1]Banif Financial Groupen.wikipedia.org

  The group opened in São Paulo and added Açoreana Seguros and Banco Comercial dos Açores to its wider subsidiary network.

• 1995

  Expansion into Venezuela and South Africa

  [1]Banif Financial Groupen.wikipedia.org

  Banif opened offices in Caracas, Venezuela, and South Africa as part of its international growth.

• 1992

  Banif shares begin trading

  [1]Banif Financial Groupen.wikipedia.org

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

• 1989

  First specialist subsidiaries are established

  [1]Banif Financial Groupen.wikipedia.org

  Banif added a pension-fund management company and a securities-brokerage company to its developing financial-services structure.

• 1988

  Banif is founded in Madeira

  [1]Banif Financial Groupen.wikipedia.org

  Horácio Roque founded and incorporated Banif on 15 January 1988. The new group took over the assets and liabilities of the defunct Caixa Económica do Funchal.

A Portuguese banking-led financial-services group positioned around international reach, diversified financial products and a distinctive corporate identity. Its 2008 rebrand emphasized strength, intelligence, confidence and belief.

• Banking · 1988

  Banco Internacional do Funchal

  The core banking institution associated with Banif Financial Group. It provided the principal platform around which the wider group’s Portuguese and international financial activities were organized.

• Investment banking and brokerage · 2000

  Banif investment banking and securities

  Banif’s investment and securities businesses included brokerage and investment-banking activities. The group expanded this area internationally, including through the acquisition of Brazilian brokerage firm Indusval by Banif Securities in 2002.

• Asset management · 1989

  Banif asset and wealth management

  The group operated investment-fund, pension-fund and wealth-management businesses through specialist subsidiaries. These activities complemented its banking operations and broadened its role in savings and investment products.

• Consumer and property finance · 1990

  Banif leasing, consumer credit and mortgage finance

  Banif developed specialist finance companies covering financial leasing, credit for acquisitions and mortgage finance. These businesses extended the group’s lending model beyond traditional deposit and loan services.

• Insurance · 1996

  Açoreana Seguros

  Açoreana Seguros was an insurance business incorporated into the Banif group structure in 1996, adding insurance to the group’s banking, investment and finance portfolio.

• 2008A força de acreditar brand repositioning

  Portugal · International Banif markets

  Banif marked its twentieth anniversary with a new visual identity centered on a centaur symbol, indigo as the main brand color and the slogan “A força de acreditar,” meaning “the power of believing.” The campaign presented the centaur as a sign of strength and intelligence and was intended to give the bank a more recognizable and distinctive identity.

  Outcome. The campaign established a prominent late-period identity for Banif, although the group later entered state rescue and ceased operating independently after its assets were sold to Santander.

  Source

• 2015

  Resolve Banif through state rescue and sale to SantanderM&A

  Background

  Banif was affected by Portugal’s sovereign-debt and banking crisis and required government intervention.

  Action taken

  The Portuguese state carried out a reported €2.2 billion bailout and restructuring and sold the remaining Banif assets to Banco Santander Portugal for €150 million in December 2015.

  Aftermath

  The transaction ended Banif Financial Group as an independent banking group and transferred the remaining assets to Santander’s Portuguese subsidiary.

  Bailout and sale consideration. €2.2 billion bailout and restructuring; €150 million sale consideration (December 2015)

  Source

• 2008

  Adopt a unified international brand identityStrategy

  Background

  Banif sought to strengthen recognition and support for the banking group as it operated across multiple markets and financial-services businesses.

  Action taken

  The group introduced a centaur emblem, indigo branding and the slogan “A força de acreditar,” supported by a reported €20 million campaign investment.

  Aftermath

  The new identity became Banif’s principal brand expression, but the group subsequently underwent state rescue and was sold to Santander in 2015.

  Reported campaign investment. €20 million (2008 campaign)

  Source

1. 1Banif Financial Groupen.wikipedia.org