Friday, January 29, 2016

Banif: Banco Popular offered zero euros’ and reduced 900 workers – TVI24

The Finance Minister Mario Centeno, said today in parliament the offers made by Banco Popular and Santander Totta to purchase the State’s position at Banif even during voluntary sale, with the first to give zero euros.

“The appreciation of these proposals is complex,” said the official, stressing the difference between the voluntary sale of the state stake in Banif before the resolution and the sale process under the assistance of the authorities in the bank.

“The proposal of Banco Santander, as presented by Banif, was to exclude 3,022 million of assets and offer a price of 150 million euros. It proposed the return of ‘CoCos’ [a last slice of hybrid capital instruments underwritten by the state amounting to EUR 125 million] and pointed to a reduction of 800 workers, “advanced Centeno.

“The assets that the People proposed to not purchase amounted to 7,725 million euros. The Popular proposed to buy only a very small part of Banif and paid zero and reduced 900 workers,” said the minister, at the insistence of MEPs who heard the Budget and Finance Committee.

Mario Centeno stressed that “all these numbers are valid outside the resolution setting”.

He added that the figures given are only part of the proposals that the two banks that are part of Spanish groups advanced to acquire the 60% stake that the state held in the Banif until resolution.

“The proposals will be surely the knowledge of the committee,” said the holder of the Finance folder.

On the other hand, Centeno said that Portuguese banks (CGD, BCP and BPI) who received state support in 2012 were prevented from participating in the race to the purchase of Banif, since one of the conditions imposed at the time – in force when the ‘troika’ program – was that they could not shoot for the purchase of banks in the two years following the recovery of the aid.

It was after 23:00 when they finished the work of the Budget and Finance Committee, which had begun at 17:00, and where today passed the governor of the Bank of Portugal and the Minister.

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