Chinese investment firm buys Portugal’s BBI
Hong Kong based Bison Capital Financial Holdings has bought Portugal’s Banif Banco de Investimento (BBI) for an undisclosed sum.
The announcement was made by Oitante, a limited company established by the Bank of Portugal in 2015 to manage the assets that Spain’s Santander bank did not buy at the time.
Those unwanted assets such as Açoreana Seguros (recently bought by Tranquilidade) and BBI, among others, were shifted to Oitante.
Following the transfer of BBI’s assets to Oitante, the firm increased its capital by €29.4m in January, and equity capital stood at €114.4m.
Oitante has revealed that the sale of BBI began in April 2016.
“Oitante selected the proposal submitted by Bison Capital Financial Holdings […] because it put forward the most favourable conditions to maximise the sale of BBI, including the offer of a purchase value above the book value of BBI’s equity,” the company said.
Bison Capital, for its part, has committed to “increase the share capital of BBI in €10m within one year from the effective transfer of the shares, supplementary capital and subordinated bonds”.
The deal is still subject to approval of local and European authorities, the Bank of Portugal and the European Central Bank.