The unexpected death of Horacio Roque, the founder of Banif in 2010, “was a terrible fatality” to the bank, admitted on Tuesday the former president and chief financial officer.
Carlos Duarte Almeida, who was in Banif over 20 years, witnessed the disappearance of Horacio Roque was an additional problem for the bank, to add to all the problems that have affected the national banking. “We lost our leader and the largest shareholder brutally and for several months lacked strategic direction,” said the Banif commission of inquiry.
“With him on our side, other solutions have been analyzed and not we’d probably be here, “a parliamentary inquiry where it discusses the resolution of Banif.
While highlighting the decisive role of Horacio Roque in the creation of Banif group, which was born of a bankrupt savings bank, also admitted that will been an overly ambitious growth. “I had the ambition to grow forever. The group has become too big and too complex and had to stop two years to consolidate this growth. “
Looking back now admits that this arrest should have been made ente 2008 and 2010.
But the former Banif manager that Horacio Roque wanted to make the group a large national bank, “it was hard to convince him to make a Stop and Go”. Roque wanted Banif ceased to be the largest of the small banks, to become the smallest of the major banks.
Carlos Duarte de Almeida, who was chief financial officer for several years and CEO after death Horacio Roque also recognized weaknesses in the Banif strategy.
the high credit value at risk, exposure to real estate and the difficulties of consolidation of hundreds of entries were mentioned factors, but the former manager notes the bank grew from nothing, unlike other institutions that have grown by acquisition. And to grow had to bet on the banks of the banking system where the risk is higher.
Duarte de Almeida was asked about the flaws and irregularities detected in forensic audit carried out by Deloitte at the request of the Bank of Portugal. The report focuses on 36 operations decided between 2007 and 2012 identified several flaws in lending, particularly in terms of credit allocation and trading conditions and interest, against the recommendation of the risk analyst. Another of the identified failures had to do with the failure of the lending limit to related parties, shareholders and group companies.
Joaquim Paulo, responsible for this audit, ear is also Tuesday, revealed that these loans were approved by the executive committee of Banif. Duarte de Almeida, who was financial manager without pelouro credit, unaware of the irregularities that have been identified by this audit was completed in 2014. And remember that there are other factors that weigh in the concession and renegotiation of credit.
He denies even that Banif had trapdoors and skeletons in the closet. Notes, however, that the bank had a high exposure to real estate. Although this portfolio had a significant degree of side, the crisis in the real estate depreciated real estate as collateral and forced to recognize an increasing level of impairment (losses).
About the detected irregularities in Brazil and led an inspection of the Bank of Brazil, the manager says it was a surprise. But while recognizing its severity, was lost about 30% of the loan portfolio, devalues the impact of Banif Brazil problems in the Banif Group. And stresses that 50% of the provisions that the Bank of Brazil forced to have been canceled.
Carlos Almeida Duarte left the chief executive of Banif in 2012 and was replaced by Jorge Tomé. Justify your output with the conviction that the “Banif Group for me was the Commander Horacio Roque.” On the other hand, the heritage expressed the willingness to break with the past and revive the bank with other prospects.
It also acknowledged that left a difficult legacy to the new management had to resort to a public capitalization in 2013 .
No comments:
Post a Comment