Banif sells credit unit by 410 million, reinforces ratios and opens the way to return state money
Banif More will come out of the International Bank Funchal for Cofidis. The product distribution partnership remains but with the operation, Jorge Tomé see the institution he leads that you have the strongest capital.
Banif sold the Banif Mais, specialized credit unit, for 410 million euros. The buyer was the Cofidis who helped thus to strengthen the solidity ratios of the bank chaired by Jorge Tomé opens also the way to the reimbursement of more state aid
“Banif -.. Bank International Funchal, SA (Banif) informs that today signed an agreement with Cofidis Participations, SA, a company registered in France for the sale of its stake of 85.92% in the share capital of Banif Mais SGPS, SA, which holds 100% of the capital of Banif Banco Mais, SA “, indicates the statement issued by the company through the website of the Securities Market Commission (CMVM).
The chief executive of the bank, George Thomas, considers in another statement sent to newsrooms, that the sale is “an important step towards strengthening the capital ratios of the group”.
The transaction, by which the Cofidis paid EUR 410 million, will strengthen levels that measure the soundness of the financial institution founded by Horacio Roque. According to the statement, the positive impact is expected to be more than 100 basis points (or 1 percentage point) in the level of Commom Equity Tier 1, based on the transitional arrangements (applicable in 2014). The September 30, 2014, this ratio stood at 9.7%. At this time, the minimum level required is 8%. It has been all regulatory rules were in force (which is required only in 2019), the positive impact on the ratio would be 131 basis points.
state money back
“The execution of this agreement is subject to verification of a number of conditions precedent, including those related to the regulatory authorities, and for this purpose requests will be sent to the relevant authorities, including, without limitation, the European Commission, the Bank of Portugal and the competition authorities, “says the same statement.
In another document, Banif explains the reason for this alienation: “The sale of Banif More Bank is an important milestone in the implementation of the strategic plan for restructuring the group, aimed at guaranteeing the refund as soon as possible, in the home recapitalization by the Portuguese State. ” In early 2013, the bank received a state injection of 1.1 billion euros, 700 million shares, 400 million in bonds convertible into shares under certain conditions (the so-called CoCos). Lack return 125 million CoCos and 700 million in shares.
In the prospectus of the capital increase carried out in the first half of the year, Banif already point in that could sell all their international positions under the restructuring plan undertaken to return the state aid. The Banif Mais is present in several markets such as Spain and Hungary.
Banif and Banif More will maintain strategic partnership with regard to the distribution of products and cross-selling in the specialized credit area vehicle financing, indicates the same source.
For the Cofidis in Portugal since 1996, which also sells financial products at a distance, this operation will bring a “solid know-how” in the car loan segment as explained in a statement, the Managing Director of Cofina Portugal, Nicolas Wallaert.
Banif More
According to the website of this special credit company, December 31, 2013, the Banif Mais had net assets of 662.2 million euros which, combined with the passive, gave positive equity of around 316.9 million.
The net result of Banif Mais reached 18.3 million, more than double the previous, and Portugal, with 16.1 million, was the largest contribution to profit.
No comments:
Post a Comment