The Banif Banco de Investimento (BBI) was sold to a Chinese group, the Bison Capital. The information was disclosed in a statement by Octant, the vehicle was left with the toxic assets of the Banif after the resolution.
The Chinese group will proceed with a capital injection of 10 million euros from the transmission of the shares, supplementary capital and subordinated bonds of Banif Investimento but did not disclose the value of the transaction, which still needs to be approved by regulators. The Bison Capital also intends to continue the project with the current employees of Banif Investimento.
“The Octant selected the proposal submitted by Bison Capital Financial Holdings (Hong Kong), for being the one that presented the most favorable conditions for maximizing the BBI sale, including the offer of a purchase price higher than the book value of BBI’s capital, “said the statement released.
the deadline for submission of tenders for the purchase of Banif Investment ended June 30 and despite the issues presented by Mad Money on the subject since then, it is only now that the Octant gave more information on the subject, in a statement.
the sale was completed on 3 August, by concluding “a contract for purchase and sale of shares, supplementary capital and subordinated bonds with Bison Capital with a view to sale of its stake in BBI,” specifies the statement.
“the conditions for the entry into force of the agreement were, on 9 August, checked in its entirety, and is now the effective transfer of the shares, ancillary benefits and dependent subordinated bonds of obtaining applicable regulatory approvals. “
“for Octant is also relevant that the project that Bison Capital has to BBI predict that it will be developed with the support of current employees,” the statement added.
January, Banif Investimento (BBI) conducted a capital increase of EUR 29.4 million, leaving an equity of 114.4 million euros.
Octant is about 1.5000 million in assets to sell, including non-performing loans and real estate.
As for the healthy assets of Banif, including retail banking, they were sold to Santander Totta for 150 million euros.
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