Santander Totta Acquires Banco Banif For 150 Mln Euros

(RTTNews) - Portugal's major private bank Santander Totta, a subsidiary Banco Santander (BNC.L, BSBR, SAN), Monday announced the acquisition of Banco Banif in a deal worth around 150 million euros. Santander said the acquisition will have slightly positive to its profits next year and will have little impact on its capital. The transaction increases Banco Santander Totta's market share by 2.5 points, to 14.5 percent in loans and deposits, making it the second private bank in Portugal.

The transaction will be carried out via the transfer of a large part of Banif's assets and liabilities to Santander Totta. Banco Banif is important in the archipelagos of Madeira and the Azores.

Ana Botín, chairman of Banco Santander, said today: "The acquisition of Banco Banif is another example of Banco Santander´s commitment to Portugal, one of the group´s main countries. We are fully committed to the economic development of Portugal and make available all our capacity to help people and businesses prosper in the communities where we operate."