The Santander Totta finalized the purchase of the Gamma. This is an asset that belonged to the Banif and that the capital bank Spanish not acquired in the resolution applied by the Bank of Portugal, and was transferred to the vehicle Oitante.
“Banco Santander Totta, S. A. informs that, following the announcement disclosed to the market on 28 June 2016, 30 December 2016 completed the process of acquisition by Banif – Banco de Investimento, S. A. (whose shareholder is the Oitante, S. A.), of all shares representing the share capital of Gamma – Society of Securitisation, S.,” notes a statement sent by the financial institution presided over by António Vieira Monteiro (in the photo).
The transaction price is not disclosed, neither in the statement of the Santander nor the Oitante. Questioned, the bank would not reveal numbers. The chairman of the Totta assured already that this was the only asset that was not acquired in the resolution that it wished to purchase – which happened more than a year after the measure applied by the regulator of banking.
the assets of The former Banif of the vehicle under the command of Miguel Barbosa were transferred on 20 December 2015, with a discount of 67% from the value at which they were registered, benefiting from a guarantee of the Resolution Fund, the shareholder only of the Oitante, with a counter-guarantee of the State of 422 million euros. In spite of the questions made, since last year, what amounts have already been recovered by the vehicle, there was never answers.
The Gamma is a society of securitisation of loans, mainly originated in the Banif, which aggregates it and then issues. As the loans are of the former Banif, Santander Totta will now have, also, the society titulariza.
“The completion of this operation occurs in the sequence of their submission to the competent authorities, namely the Bank of Portugal, the Commission for the Securities Market and the European Commission, and the issuance of applicable permits, by checking the conditions laid down in the contract of purchase and sale of shares signed on June 17, 2016″, indicates the release of the financial institution.
In your note, the vehicle, wholly owned by the Resolution Fund, also makes it clear that the “operation is the result of a competitive process for the sale launched and conducted by Oitante and fits in the pursuit of the objective of maximising the sale value of its assets”.