Banif Financial Group

Banif was founded and incorporated by Horácio Roque on 15 January 1988 and took over all of the assets and liabilities of the defunct Caixa Económica do Funchal. In 1995, it opened offices in Caracas, Venezuela and South Africa; in 1996 in São Paulo, Brazil; and in 2008 in San Ġiljan, Malta.

On 15 January 2008, the bank rebranded, adopting a centaur as its symbol, a "symbol of strength and intelligence", the usage of indigo as a brand color, with its own "strength and personality", as well as being easy to recognize, and the slogan A força de acreditar (the power of believing) in order to boost support for the bank. A total of €20 million was invested in the campaign.

In the wake of the Portuguese sovereign debt and banking crisis, Banif was one among a number of Portuguese banks which were nationalized in order to be rescued by the government. In December 2015, as part of a 2.2 billion euro bailout and restructuring, the Portuguese government sold the remainder of Banif's assets to Banco Santander Portugal, the Portuguese subsidiary of Santander Group, for 150 million euros.

Banif consisted of the following subsidiaries, most of which have either been incorporated or purchased:

SGM – Sociedade Gestora de Fundos de Pensões Mundial, S.A. (1989)

Ascor Dealer – Sociedade Financeira de Corretagem, S.A. (1989)

Mundileasing – Sociedade de Locação Financeira, S.A. (1990)