Portugal’s Banco Internacional de Funchal (Banif) has placed Banco Cabo-verdiano de Negócios (BCN) units for sale in Cape Verde as well as Brazil and Malta.
The bank divulged its intentions while presenting its first half-year financial results, as reported by macauhub.com.
"Divestment of the controlling stakes in Banif – Banco Internacional do Funchal (Brasil), Banif Bank (Malta) and Banco Cabo-verdiano de Negócios (BCN) is ongoing and is expected to be carried out in 2014," the bank said.
All the three operations including, Cape Verde, Brazil and Malta were included among the ‘discontinued operational units’ in the first half-year results. However these businesses helped improve the institution’s consolidated accounts, the bank said.
Banif posted a negative result of 41m, comparatively better than 78.3m during the same period in 2013, according to the Portuguese economic press.
The results of all three "discontinued operational units" were positive by 300,000 for the Malta unit and 800,000 for the Cape Verde unit.
Banco Internacional do Funchal’s geographic footprint has been restructured, following the Portuguese state 1.1bn of aid in 2013.
