Bank of Portugal and the country’s resolution authority has decided to sell most of Banco Banif’s assets and liabilities to Banco Santander Totta for a consideration of €150m and after having injected €2,225m into the company to ensure adequate provisioning. Minority shareholders (39.5%) and subordinated creditors will be left in Banif which will retain some assets to be liquidated. The deal is not transformational for Santander. Although Banco Banif has a particularly s
21 Dec 2015
Banif acquisition
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Banif acquisition
Banco Santander, S.A. (BNC:LON) | 389 19.5 1.3% | Mkt Cap: 61,601m
- Published:
21 Dec 2015 -
Author:
David Grinsztajn - Pages:
Bank of Portugal and the country’s resolution authority has decided to sell most of Banco Banif’s assets and liabilities to Banco Santander Totta for a consideration of €150m and after having injected €2,225m into the company to ensure adequate provisioning. Minority shareholders (39.5%) and subordinated creditors will be left in Banif which will retain some assets to be liquidated. The deal is not transformational for Santander. Although Banco Banif has a particularly s