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BANIFBanco Internacional do Funchal (Portuguese bank)
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The government-guaranteed debt of BCP and Banif has been downgraded by four notches to Ba2 from Baa1, with a "negative" outlook.
Moody's also downgraded Banif's senior subordinated debt to Ba3 from Ba1, maintaining the review for possible downgrade as well.
The CEO also dismissed plans for a capital hike aiming to increase Banif's capital ratios.
Further details were not provided.Country: Portugal, Sector: Banking/Financial ServicesTarget: Banif SGPS SABuyer: Banco do Brasil SAVendor: Rentipar Financeira - SGPS SAType: Corporate acquisitionStatus: Speculation
The unlisted private banking division of Banesto, Banif would also be merged with Santander.
The bank is reportedly keen to purchase a minority holding in bank Banif (ELI:BNF) from investment holding company Rentipar, daily Diario Economico reported yesterday.
Portuguese bank Banif (ELI:BNF) will dispose of its entire stake in peer Finibanco (ELI:FNB) as part of Portuguese bank Montepio's takeover bid for Finibanco.