Santander Totta buys Banco Banif

Portugal’s private bank Santander Totta, a subsidiary of Spain’s Banco Santander, has announced the acquisition of Banco Banif for €150m.

Banco Santander Totta will increase its market share in the Portuguese market by 2.5 points thanks to the acquisition.

Loans and deposits will also rise by 14.5%, making the Spanish subsidiary the second private bank in Portugal thanks to a network of 150 offices and 400,000 clients, according to the local trade press.

The transaction will be carried out via the transfer of a large part of Banif’s assets and liabilities to Santander Totta.

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