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Karl Stagno-Navarra
Banif Financial Group - one of Portugal’s main banking operators - has announced an EUR18 million investment in Malta and is expected to shortly launch a full-scale banking operation in the Maltese islands, as a joint partnership with local investors.
The well-known Portuguese banking group made the announcement through it’s Chairman Horacio Roque during the annual general meeting held in Lisbon a week ago.
While hinting at an already approved bid to operate in Malta by MFSA, Horacio Roque revealed that Banif Malta will see the involvement of local shareholders who are expected to finance up to 40 per cent of the capital.
“In all we are looking at an initial investment of approximately EUR30 million,” Mr. Roque said, adding that once an operating licence is granted by MFSC, Banif Malta will enter into direct competition with HSBC and Bank of Valletta who are considered to be the major banks in Malta.
Horacio Roque compared Malta to Madeira, “an island with approximately the same population with an economy that highly depends on tourism.”
With eyes on servicing North Africa through Malta’s robust and respected financial services sector, Banif Malta is expected to take the role as an investment bank, possibly benefiting from European Union funds to jointly finance development projects in the Southern Mediterranean region.
The Banif Financial Group is increasingly engaged in promoting and consolidating it’s mission in the Portuguese banking sector boasting an excellent performance in the Autonomous Regions of Madeira and the Azores, where it maintains the market leadership through Banif - Banco Internacional do Funchal and BCA - Banco Comercial dos Açores, respectively.
Besides preserving a strong and sustained position in mainland Portugal, the Group is also attracting many more customers from overseas Portuguese communities, confident in it’s ability to handle their affairs. Comprising 2 holding companies, Banif Investimentos and Banif Comercial, the Banif Financial Group is made up of a number of companies all over the world.
Banif Financial Group operates in Bermudas, Brazil, South Africa, Canada, US, Cayman Islands, Mexico and Venezuela. The Group’s distribution network covers a total of 326 POS.
Banif is positioned as a universal bank. As a result, it is able to provide a wide range of products and services. Their approach is aimed at optimizing the efficiency with which the Bank operates, consequently enhancing the return on the service afforded to it’s Customers. |
