BOARD OF DIRECTORS AND OFFICERS
Board of Directors and Officers
GENERAL MEETING
BOARD OF DIRECTORS
Chairman
Chairman
Prof. Doutor Luís Manuel Moreira de Campos e Cunha
Comendador Horácio da Silva Roque
Secretaries
Vice Chairmen
Dr. Miguel José Luis de Sousa
Dr. Joaquim Filipe Marques dos Santos
Dr. Carlos David Duarte de Almeida
Full Members
Dr. António Manuel Rocha Moreira
Dr. Manuel Isidoro Martins Vaz
Dr. José Marques de Almeida
Dr. João Manuel da Silva Machado dos Santos
Dr. José António Machado de Andrade
Engº Diogo António Rodrigues da Silveira
BOARD OF DIRECTORS
Dr. Machado dos Santos, Dr. Marques de Almeida, Dr. Rocha Moreira, Dr. Marques dos Santos, Comendador Horácio Roque, Dr. Duarte de Almeida, Dr. Manuel Vaz, Dr. Machado
Andrade, Engº Diogo da Silveira
04
SUPERVISION BOARD
EXECUTIVE BOARD
Chairman
Chairman
Prof. Doutor Fernando Mário Teixeira de Almeida
Efective Full Members
Dr. António Ernesto Neto da Silva
Dr. José Lino Tranquada Gomes
Alternate Full Members
Dr. Joaquim Filipe Marques dos Santos
Dr. Carlos David Duarte de Almeida
Dr. António Manuel Rocha Moreira
Dr. Manuel Isidoro Martins Vaz
Dr. João Manuel da Silva Machado dos Santos
Dr. José António Machado de Andrade
Engº Diogo António Rodrigues da Silveira
Dr. José Pedro Lopes Trindade
Official Audit
Ernst & Young Audit & Associados - S.R.O.C., SA,
representada por:
represented by:
Dr. João Carlos Miguel Alves (ROC nº 896)
Secretary General
Dr. Carlos Oliveira
Alternate Secretary
Dra. Vanda Melo
05
NOTE
Note
_
This publication contains an abridged version of the Report and Accounts for 2007 of the company
Banif SA, including the information considered to be of greatest interest to the general public.
The full version of the said documents is published, in accordance with the law, and is also contained in the
promotional CD ROM published by Banif SA, as well as being available online at www.banif.pt, and at the
internet site of the Portuguese Securities Market Commission.
The CD ROM also contains an abridged English language version of the Report and Accounts for 2007 of
Banif SA.
06
Message from the Chairman of the Board of Directors
and the Chairman of the Executive Board
_
During the financial year of 2007, Banif continued to record the firm and sustained growth it has
enjoyed in recent years, and which has characterized its performance since its founding.
In a particularly difficult economic climate, characterized by instability in the markets and in financial
institutions, the Bank recorded buoyant business, with cash flow of 95.6 million euros and profits for the
period, on an IAS/IFRS basis, of 47.6 million euros, representing growth of 29.3% over the previous year.
On an AAS basis (Adjusted Accounting Standards), the net profits stood at 26.1 million euros, which
represents a decline of 24.8% from 2006. The main reason for the divergence between the profits for the
period on an IAS/IFRS basis and those determined under the AAS lies in the large volume of provisions for
general and specific credit risks made under the terms of Bank of Portugal Notice 3/95, totalling 48.6
million euros in 2007 (26.2 million euros in 2006), whilst provisions for credit impairment under IAS/IFRS
rules stood at only 20.7 million euros (23.7 million euros in 2006).
In keeping with its central strategic objectives for the period 2005-2007, the Bank recorded growth in size,
combined with increased productivity and profitability, whilst at all times preserving appropriate levels of
solvency, basing its growth on a substantial increase in service quality and personalized client service which
together with improved operating effectiveness, allowed it to increase its market share.
The Bank pursued organic growth by opening 35 new branches (5 more than originally envisaged), meaning
that it now has a total of 228 bank branches in Portugal.
The Bank’s growth can also be seen in the extension of its base of active clients, achieved through a significant
increase in the number of accounts opened and improved customer loyalty, helped in part by the “330 x 2
Programme” developed and implemented during 2007.
In the corporate banking sector, Banif has followed up the creation of its Business Centres and Customer
Service Teams, which were revolutionary in their time, with the “Companies x 2 Programme”, amounting
to a reinvention of its commercial strategy, with new and ambitious aims.
Growth in business in no way detracted from the high standard of personalized service which has been Banif’s
hallmark. The Bank is structurally geared to “relationship banking”, and this has positioned Banif amongst
the top four banks in Portugal in terms of service quality, well above the market average for banking services.
In 2007, Banif once again led the industry ranking for “Service quality at branches”.
Also in connection with the quality and personalized nature of customer service, a number of quality
certification projects were completed within the Bank, including “Quality Certification of the Call Centre”,
“Quality Certification of the Customer Complaints Office”, “Quality Certification of Mortgage Lending”
and “Quality Certification of E-Banking”. In 2008, the Bank plans to extend certification to other products
marketed through the branches.
The Bank’s sustained and structured growth over 2007 was recognized by the market, as reflected in
the higher ratings assigned by Moodys, up to A” (long term) and P-1 (short term).
The Banif Financial Group has continued to expand internationally, and today enjoys a significant presence
in countries such as Spain, England, Malta, South Africa, Cape Verde, Brazil, Venezuela, Mexico, the United
States, Canada, and elsewhere. As in the past, Banif will continue to capitalize on this growth in its commercial
07
MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS AND THE CHAIRMAN OF THE EXECUTIVE BOARD
_
business, fostering its ties with Portuguese communities abroad, and turning its attention also to mortgage
lending for non-residents and the creation of services geared especially to new residents in Portugal.
At the same time, Banif remains mindful of the social responsibilities associated by institutional growth, and
continues committed to the main trends in sustainable development worldwide. Since 2005 it
has been a member of BCSD Portugal - the Business Council for Sustainable Development.
Aware that “projects are people”, Banif has sought to build up the size and skills of its workforce in an
organized and systematic manner. From 2000 to 2007, the Bank’s workforce increased from 1331 to
1991, representing an increase of approximately 50%. This growth in the total number of employees has
been underpinned by a relative increase in the level of academic qualifications and in the
number of training hours provided by the Bank itself.
At the start of 2008, Banif celebrates its 20th anniversary, at a moment when it is asserting to its customers,
suppliers and other stakeholders its standing as a sound and prestigious institution, which has won, on its
own merits, a leading position in the Portuguese and international financial markets.
At the start of this new phase in its history, the Bank has adopted a new corporate image, comprising
a new logo, a new colour and a new signature, shared by the entire Banif Financial Group.
As well as underlining the Group’s new identity in its relations with the outside world, these new elements
will also serve to strengthen the ties between the different companies in the Group, highlighting the importance
of mutual collaboration and pooled resources.
The choice of the mythical figure of the Centaur, reflecting the perfect balance between physical strength
and mental dexterity, demonstrates that the new identity in no way alters the Bank’s core culture and values.
It is the ambition, quality and determination of people, our people, that constitutes Banif’s most valuable
asset, and which allows us to face the challenges of the future with confidence.
JOAQUIM FILIPE MARQUES DOS SANTOS
Chairman of the Executive Board
HORÁCIO DA SILVA ROQUE
Chairman of the Board of Directors
Dr. Marques dos Santos and Comendador Horácio da Silva Roque
08
DIAGRAM OF BANIF FINANCIAL GROUP HOLDINGS AS AT 31-12-2007
Diagram of Banif Financial Group Holdings as at 31-12-2007
Banif SGPS, SA
Share C: 250,000,000 €
100%
Banif Imobiliária
BanifServ a)
Share C: 750,000 €
100%
Soc. Imobiliária Piedade
Share C: 50,000 €
100%
84,80%
Banif Investimentos
SGPS, SA
Banif Comercial SGPS, SA
Share C: 280.000.000 €
Share C: 8,750,000 €
15,20%
100%
Share C: 20,084,915 €
100%
Banif - Banco Internacional do
Funchal, SA
100%
100%
Banif (Açores) SGPS, SA
46%
Share C: 700,000,000$00
Banif Finance, Ltd
Share C: c)
Share C: 240,000,000 €
100%
33,62%
14,07%
Banif Bank (Malta)
100%
Share C: 51,892,365 €
Banca Pueyo, SA (Espanha)
100%
Banif & Comercial Açores, Inc
Fall River
Investaçor, SGPS
48,38%
Share C: 91,523,768 €
33,33%
Share C: 10,000,000 Eur
Banif Açor Pensões
100%
Share C: 1,850,000 €
Inmobiliaria Vegas Altas
(Espanha)
60%
75%
Share C: 750,000 €
Banif Holding (Malta), Ltd
Centro Venture f)
Soc Capital de Risco, SA
51%
100%
100%
Gamma - Soc.
Titularização de Créditos
20%
80%
Banif - Banco Internacional
do Funchal (Brasil), SA
Banif Securities Holdings, Ltd 100%
Banif Securities Inc
Share C: USD 2,108,000
Share C: USD 5,620,100
100%
Banif (Brasil), Ltd
Numberone - SGPS, Lda.
Share C: 5,000 €
0,1%
99,9%
Banif International Bank, Ltd
99%
10%
100%
Banif International Asset
Management
Share C: USD 50,000
100%
75%
Banif Investimento México
Share C: 50,000 Pesos
Share C: 25,000,000 €
Share C: R $ 63,034,734.00
Econofinance, SA
Share C: BRL: 2,817,750
Share C: R $ 150,000
Share C: 300,000 €
90%
Banif Trading Inc
Share C: USD 350,000
Share C: 250,000 €
Share C: 20,000,000 €
Banif Rent, SA
100%
Share C: 750,000 €
100%
Banif Go, SA
Banif Forfaiting Company f)
Share C: USD 250,000
FINAB
Share C: USD 35,000
Banif Capital - Soc. de Capital
de Risco
Share C: 60,330.42 €
0,1%
Banif Forfaiting (USA) Inc
Share C: USD 250,000
Banif International
Holdings, Ltd
Share C: USD 8,513,105
29,19%
Bankpime (Espanha)
Share C: 2,000 €
100%
85%
10,81%
99,9%
100%
100%
Banif Gestão de Activos
San José b)
27,5%
Banif Mortgage Company
Share C: USD 5,750,000
Banif (Cayman), Ltd d)
Share C: USD 42,000,000
Share C: 2,000,000 €
Share C: USD 100,000
59,195%
100%
100%
Share C: 30,000,000 €
Share C: 4,800,000 €
Banif & Comercial Açores, Inc
Share C: USD 1,000,000
Banco Banif e Comercial
100%
dos Açores, SA
100%
Banif Banco de Investimento
Share C: 1,999,295.75 €
33,32%
100%
Companhia de Seguros
Açoreana, SA
Share C: 36,250,000 €
Metalsines
100%
Banif Financial Services Inc
Share C: USD 371,000
Banco Caboverdiano de
Negócios
Banif Banco de Investimento
(Brasil), SA
Share C: R $ 37,500,000
Banif Multi Fund e)
Share C: USD 50,000
100%
Banif Corretora de Valores
e Câmbio
Share C: R $ 21,125,048
51%
Banif Nitor Asset
Management
Share C: R $ 2,725,505.34
10
a) Due to being an ACE ("Complementary Company Grouping"), its position in the diagram may have to be reviewed in the light of the relevant legislation.
b) Paid up share capital USD 100.
c) 100% control of voting stock, the share capital comprising:
1,000 ordinary shares with a nominal value of USD 1 and 100,000 non-voting preference shares with a nominal value of EUR 0,01.
d) 100% control of voting stock, the share capital comprising:
26,000,000 ordinary shares with a nominal value of USD 1 and 16,000,000 non-voting preference shares with a nominal value of USD 1.
e) Paid up share capital USD 100.
f) Yet to start trading.
g) Banif Banco de Investimento (Brasil), S.A. directly holds a quota share with a nominal value of R$ 1, corresponding to 0.0003(3)% of the share capital,
and Banif Nitor Asset Management is holder of the quota part corresponding to 99.9997%.
100%
Nitor Administração
Recursos g)
Share C: R $ 300,000
11
ECONOMIC BACKGROUND
Economic Background
_
1. THE INTERNATIONAL ECONOMY
The financial year of 2007 was characterized by continued robust economic growth worldwide, albeit
once again with increasing divergence between different economic blocks. According to estimates from
the International Monetary Fund, the world economy is thought to have grown at a pace of 5.2%, as
compared to 5.4% in 2006, with the US economy slowing significantly to levels below its potential pace,
whilst Europe and Asia achieved stronger economic growth than initially expected.
Another key development in 2007 was the end of the aggressive stand taken by the European Central
Bank (ECB), with a view to neutralizing its monetary policy, and the start of a new cycle in US monetary
policy, following the decision by the Federal Reserve (FED) to cut its intervention rate by 100 base points
(bp) to 4.25%. In Japan, the economy also showed signs of renewed vigour, causing the intervention rate
to rise to 0.5%. On the financial markets, the Euro rose against the Dollar (closing the year at 1.46
Dollars/Euro), and financial markets worldwide again recorded a significant increase in volatility, reaching
the highest levels since 2003, as markets reassessed risk premiums. Oil prices again rose substantially,
up over the year by approximately 57.2%, to levels close to 96 dollars/barrel (WTI); gold prices also rose
by approximately 30.9% to 834 dollars/ounce, benefiting from its status as a safe-haven asset, in an
economy marked by strong demand for most raw materials.
Growth in the US economy is estimated at 2.2% in 2007, significantly down from the rate of 2.9%
recorded in 2006. After a first quarter marked by economic growth clearly below potential levels (0.6%
in annualized terms, the lowest rate of growth in the last four years), due, essentially, to specific factors
(a worsening trade balance, dwindling stocks and a sharp drop in investment in residential property), the
second half saw signs of increasing economic vigour (growth of 3.8%).
The rate of growth then accelerated at the start of the second half, with GDP growing by 4.9% in annualized
terms in the third quarter of 2007. Contributions to this economic performance were again made by
exports, clearly benefiting from a favourable exchange rate (the Dollar remained on a downward course
against other major currencies), accumulating stocks and livelier consumer spending. However, in August,
the problems in the subprime mortgage market in the US began to rub off on the rest of the financial
sector, with a movement away from risk comparable only to that experienced in the aftermath of 9/11.
As a result, the risk premium was downsized in the light of an environment of higher interest rates in the
main economic blocs, with the yield on 10-year US treasuries rising to 5.02%.
In the second half of the year, significant deterioration in the credit risk associated with subprime finance
operations led to direct intervention by several central banks. In an unprecedented operation, the ECB was
the first to take action, injecting an extraordinary amount of liquidity, whilst the FED opted to cut its discount
rate by 50 bp to 4.75%, the first cut since June 2003, defending the need to assure the stability and liquidity
of the US money markets. In October and December, the FED again took action, although less drastically
(25 bp at each meeting), leaving the leading rate at 4.25%, 100 bp lower than at the start of the year.
Although the impact of the financial crisis on the pace of US growth is still difficult to assess, economic
conditions deteriorated rapidly in the final quarter of 2007, with fears that a significant economic
14
_
slowdown might be due to flagging consumer spending. The unemployment rate, whilst still at a historically
low level, rose to its highest in the last five years (5.0%), with American consumers feeling the pressure
of more restrictive credit terms, due to the rising oil price, increasing inflationary pressures due to foodstuffs
(known as “agriflation”) and declining disposable incomes due to the situation in the capital and real
estate markets.
In terms of prices, the current inflation rate is thought to have fallen to 2.7% in 2007 from 3.2% in
2006, due to a downturn in economic activity and a more restrictive monetary policy. The core rate,
excluding the effect of food and energy goods, actually dipped below the level regarded as comfortable
by the FED (2.0%), for the first time since 2004. Importantly, this improved performance in inflation
was achieved in a context of sharply rising prices for commodities, especially oil (the WTI was up by 57%,
ending the year at close to 97 dollars/barrel).
In Europe, after a year of strong economic growth in 2006, with economies growing at the fastest pace
for the last six years (2.8%), a slight slowdown was perceptible at the start of 2007, due principally to the
increase in VAT in Germany (from 16% to 19%), in January. However, 2007 started on a clearly optimistic
note, with the German and Spanish economies doing better than expected, whilst in France
and Italy economic performance was more moderate.
Faced with a healthy set of monetary indicators and the expansion of consumer lending, the ECB continued
to restrict its monetary policy to a level regarded as neutral, increasing the leading rate by 50 bp to 4.0%.
After the first half of the year, the optimism around Europe began to ebb away, as fears grew that the
financial crisis would hit European economies and the Euro again hit historically high levels against the
Dollar (at around the 1.50 Dollar/Euro level). Economic growth is estimated to have dropped to 2.4%
in 2007, with Germany taking back the role of the driving force for growth in the European bloc. Faced
with the dilemma of balancing persistent inflationary pressures against signs of an economic slowdown,
the ECB opted to hold its intervention rate steady at 4.0% through to the end of 2007.
3,5
Growth in GDP (Real Variation Rate)
%
3,0
2,5
2,0
Japan
USA
EU
1,5
1,0
0,5
0,0
2005
2006
2007E
15
ECONOMIC BACKGROUND
_
Estimates point to economic growth in Japan of 2.0% in 2007, slightly down from the figure of 2.2%
recorded in 2006, based on dynamic corporate investment and foreign demand, especially from China.
The Japanese economy continues to show signs of stronger economic growth, although the marks of
a decade of deflation remain clear to see.
Retail prices are thought to have recorded zero growth in 2007, after a rise of 0.3% in the previous
year. Faced with this situation, the Bank of Japan opted to keep its reference rate unchanged at 0.5% from
February through to the end of the year. A further significant development was the sharp slide of the
Yen against the main international currencies, falling to a historical low against the Euro
(168.6 Yen/Euro), giving rise to a significant increase in carry trade operations.
The main Asian economies are expected to have recorded growth of 9.8% in 2007, identical to the
2006 figure, supported by the buoyancy of the Chinese and Indian economies (growth of 11.5% and
8.9%), where internal demand pushed up the volume of trading overall. The fundamentals of the Asian
economies (high savings rates, strong economic growth and lively consumer spending) are one of the
main factors underpinning the world economy in 2007, more than offsetting the slowdown in the US
and Europe.
Growth of 4.9% is estimated in Latin America for 2007, comparing with 5.4% in 2006, with the
inflation rate unchanged at 5.2%. Internal demand continued to be the main driving force for growth
in the Latin American bloc, benefiting from low interest rates and growing consumer credit, whilst the
growth in the US economy and the stimulus of external demand from China, together with favourable
performance in commodity prices, all worked to the benefit of the export sector.
In Brazil, the economy grew by an annualized rate of 4.4% in 2007, outperforming the figure of 3.7%
recorded in the previous year. The Brazilian economy has benefited from significantly expanding
internal demand, supported by an accommodating monetary policy, growing public spending and an
improving employment market. Strong-performing investment components, due to the low level of
interest rates, and healthy growth in exports also explain the sound performance of the Brazilian
economy.
As regard retail prices, inflation is thought to have stood at 3.6%, down from the figure of 4.2% recorded
in 2006. Faced with a scenario of economic growth at above potential levels, the Brazilian Central Bank
decided to bring an end to the cycle of interest rate cuts, with the SELIC rate ending the year at 11.25%,
175 bp lower than at the start of the year. The improvement in public accounts and the balance of payments,
combined with increasing political stability, continued to help the Real climb against the Dollar (up by
approximately 16.7% over the year to 1.78 Reais/Dollar).
The growing financial instability in the second half caused the spread to widen on the main Brazilian
risk referential (the EMBI+ index) to a level identical to that recorded in late 2005: 240 bp, as opposed
to 170 bp at the start pf 2007.
16
_
2. THE PORTUGUESE ECONOMY
This was the second year of recovery in the Portuguese economy. According to Bank of Portugal
estimates, economic growth is thought to have gathered pace, with GDP up by 1.9%, as opposed to
1.2% in the previous year, supported essentially by healthy exports, driven by strong growth in foreign
markets.
5.0
Growth in GDP (Real Variation Rate)
%
4.0
EU
Portugal
3.0
2.0
1.0
0.0
-1.0
-2.0
2000
2001
2002
2003
2004
2005
2006
2007E
A more detailed analysis of the components of GDP reveals that consumer spending grew at an annual
rate of 1.2% in 2007, similar to that recorded in the previous year, and that it continues to be affected
by the gradual rise in interest rates, in a context of heavy household indebtedness and an increasing
tax burden.
Figures for investment were encouraging, up on the year by 2.6% (as compared to –1.8% in 2006),
after several years of decline. However, growth in investment was not uniform, and the improvements
were particularly visible in corporate investment. Internal demand is therefore thought to have
contributed 1.3 p.p. in 2007, as compared with 0.2 p.p. in 2006. Exports of goods and services,
responsible for the good performance of the Portuguese economy in recent years, are thought to have
grown by 7.0% in 2007, slightly slower than in 2006 when exports were up by 9.1%. However, this
performance was due to less dynamic exports of merchandise (growth slowing to 5.0%), as compared
to the very significant growth in services (12.4%)."
Growth in imports of goods and services is thought to have slowed to 4.1% in 2007, whilst growth in
the import of merchandise is expected to have held relatively steady. Net exports are through to have
made a contribution of only 0.6 p.p. in 2007, as against 1.0 p.p. in the previous year. Mention should
also be made of the efforts made by the Portuguese government to consolidate the budget. The public
sector deficit is expected to have fallen to 3.0% of GDP by the end of 2007, as against 3.9% in 2006,
achieving the target established in the Stability and Growth Programme one year earlier than expected.
17
ECONOMIC BACKGROUND
Consumer Confidence (Index)
0
120
-5
100
-10
80
-15
-20
60
-30
UE
Portugal
-25
40
-35
20
-40
0
-45
2000
2001
2002
2003
2004
2005
2006
2007E
_
Inflation, measured by the retail price index (IHPC), is through to have stood at 2.4% in 2007, as
compared to 3.0% in the previous year. This lower inflation rate is largely due to sharp slowdown in
energy prices, and also to more moderate growth in unit labour costs and the prices of non-energy goods.
4,5
Inflation (Retail Price Index)
%
4,0
3,5
3,0
2,5
1,5
UE
Portugal
2,0
1,0
0,5
0,0
2000
2001
2002
The borrowing requirement, measured by the joint balance of the current account balance and the
capital account balance, is estimated to stand at –7.3% of GDP, down from –8.2% in 2006.
18
2003
2004
2005
2006
2007E
_
3. THE FINANCIAL SYSTEM
This was a year of financial instability around the world, forcing the world’s main central banks to take
concerted action, by injecting huge amounts of liquidity into the global financial system. At the same time,
financial institutions put up their deposit rates, in an attempt to attenuate the effect of the liquidity crisis
triggered by the crisis in the real estate market. Another major development was the behaviour of the ECB
which sought to push on with the process of monetary normalization by increasing its leading rate by 50 bp
to 4.00%.
The financial year of 2007 also witnessed the rejection of a take-over bid by BCP for BPI, followed
later in the year by a proposal for merger of the two banks, by means of a stock switch, which also came
to nothing.
The ECB’s hike in interest rates was reflected in the lending rates offered by Portuguese banks on new
lending to non-finance companies, which went up by 90 bp to 7.42%, whilst in retail banking the
average increase was around 82 bp to 5.22% for home loans and 84 bp to 8.13% for new consumer
credit lending.
Deposit rates offered by banks had a negative effect on the brokerage margin, given that average rates
on deposits for up to 1 year increased by 44 bp to 4.28% in the business sector and by 84 bp to 4.11%
for private customers.
Bank of Portugal figures for consolidated lending through to November show growth at a year-on-year
rate of 12.2%. Lending to private customers was up by 9.1%, with mortgage lending recording growth
of 8.8%, down from 10.1% in the same period in the previous year, whilst consumer credit rose by
10.6%, as compared to growth of 9.6% in 2006.
On the foreign exchanges, 2007 witnessed significant appreciation by the Euro against the main
international currencies. In a context of higher-than-expected economic growth in Europe and increasing
demand from foreign central banks for Euro-denominated assets, the Euro rose 10.5% against the Dollar
and 3.74% against the Yen, ending the year at 1.46 Dollar/Euro and 163.05 Yen/Euro.
The behaviour of the three central banks also contributed to these movements on the foreign exchanges:
whilst the FED was forced to cut its reference rate by 100 bp to 4.25%, in order to contain the effects
of the subprime crisis, and the Japanese Central Bank held its rate steady, in the face of persistent signs
of deflation, the ECB, in a context clearly favourable to its restrictive policy, increased its reference rate
by 50 bp to 4.0%. (see graph on next page)
19
ECONOMIC BACKGROUND
Exchange Rates
126
1,50
124
122
1,45
118
Dólar / Euro (ED)
Dólar / Iene (EE)
120
1,40
116
114
1,35
112
110
1,30
108
1,25
106
1-Jan
26-Mar
18-Jun
10-Set
3-Dez
_
With regard to Euribor rates, the economic buoyancy experienced at the start of year fuelled expectations
that the ECB would increase its rates. In the second half, fears that the crisis in subprime mortgage
lending could undermine the stability and liquidity of the interbank money market were responsible
for the significant increase in rates offered by financial institutions.
Interest rates rose overall for all maturities, with 3 month yields ending the year at 4.68% (+96
bp), 6 month yields at 4.71% (+85 bp) and 12 month yields at 4.75% (+72 bp).
Euribor Rates (Yield Curves)
4,9
%
4,7
4,5
31-12-2007
28-09-2007
29-06-2007
30-03-2007
29-12-2006
4,3
4,1
3,9
3,7
3,5
3M
20
6M
9M
12M
_
3.1 Bond Market
Trends on the US bond market in 2007 were once again not uniform over the year. Whilst the first
half saw yield curves heading upwards, in response to persistent inflationary pressures combined with
a slowdown in economic activity, the last six months of the year witnessed the start of a downward
movement in the FED’s interest rates, as investors backed off from risk and sought out quality assets.
Faced with signs of cooling in the property and labour markets, fears that consumer spending (70%
of GDP) would be hard hit and cause a recession set off a downturn in the US yield curve. Yields on
10 year bonds ranged between a low of 3.84% (November) and a high of 5.29% (June), ending the
year at 4.02%.
4,7
German Treasury Bonds (Yield Curves)
%
4,6
4,5
4,4
31-12-2007
28-09-2007
29-06-2007
30-03-2007
29-12-2006
4,3
4,2
4,1
4,0
3,9
3,8
2 years
5 years
10 years
In Europe, signs of greater-than-expected economic growth in the first half of the year led the market
to discount continued hikes in interest rates from the ECB. However, the second half was characterized
by a less dynamic European economy, accompanied by successive downward revisions of growth rates
and the resurgence of inflationary tensions. In this context, the yield curve steepened, with the differential
between interest rates on maturities of 2 and 10 years increasing from 4.6 bp to 36.7 bp. As a result,
the differential between yields on US and German 10-year bonds went from 75.4 bp to –30.8 bp.
The Portuguese yield curve was in line with movements in the Euro bloc, with 10-year treasury bond
(TB) yields ranging from a low of 4.04% (March and a high of 4.86% (July). The differential between
TB and the Bund (the key German bond) with maturities of 10 years widened from 16 bp to 24 bp
during 2007.
21
ECONOMIC BACKGROUND
_
3.2 Equity Market
In 2007, the main world equity markets recorded growth in value, albeit less than in the previous
year, with levels of volatility unseen since 2003, with the VIX index reaching 31.09 points. Eurostoxx
50, the leading European index, closed the year with a gain of 6.79%, outperforming the Standard
& Poor’s 500 (+3.53%) and the Dow Jones (+6.43%). Even so, some of the European markets recorded
even higher growth, including the Portuguese market, which was up by 16.27%. This was also the year
of two failed takeover bids: of Portugal Telecom by Sonaecom and of BPI by BCP. The scale and
implications of these two transactions, both of them hostile, held the attention of most investors, and
especially foreign investors. In addition, the market witnessed the proposed merger of BPI and BCP
by means of a stock switch, which also came to nothing, and the flotation of Martifer (June) and REN
(July). Another major development was the split of Portugal Telecom Multimédia away from Portugal
Telecom (November).
Also on the European markets, the main German index (DAX) also recorded significant growth, up by
22.29%, driven by the country’s sound economic performance and the sharp upturn in certain specific
sectors, such as the automobile industry. In Asia, most share markets closed up on the year, although
the Nikkei recorded a negative yield of 11.30%. The Hang Seng index experienced particularly lively
growth, ending the year up 39.31% overall.
In terms of variations during the year, there was a significant adjustment in the equity markets at the
start of August, after hitting the highs of 2001, as a result of the crisis in the subprime segment
spreading to the rest of the financial sector, culminating in the intervention of several central banks,
injecting funds into the money markets. Several international investment banks reported sizeable losses on
trading activities, including in the field of fixed yield and structured products, as well as in securitization.
After the FED’s actions in September (cutting its leading rate by 50 bp to 4.75%), the markets gradually found
reassurance in expectations that the FED’s aggressive moves would be sufficient to reduce
volatility and the uncertainty as to the course of the world’s largest economy.
Equity Markets
125
120
115
105
PSI20
Eurostoxx50
S&P
110
100
95
90
1-Jan 07
22
1-Mar 07
1-Mai 07
1-Jul 07
1-Set 07
1-Nov07
_
In a context favourable to appreciation of floating rate assets, benefiting from movements generated
by prospective mergers and acquisitions and the flotation of Martifer and REN, average trading on the
Portuguese market (PSI20) was up by 59.3%, from € 51.069 million to € 81.350 million.
23
BUSINESS OPERATIONS OF BANIF - BANCO INTERNACIONAL DO FUNCHAL, SA IN 2007
Business Operations of Banif - Banco Internacional do Funchal,
SA in 2007
_
1. BUSINESS IN MADEIRA
Once again, the business activities of the Madeira Commercial Department (MCD) in 2007 focussed
on pursuing the strategic aim of maintaining business growth and consolidating our leadership in the
regional market.
Despite a difficult economic situation and a highly competitive environment in the region, the MCD
recorded buoyant business reflected in the main balance sheet items in comparison with the same
period in the previous year.
The sustained growth in profits has been achieved thanks to broadening of the customer base (9,451
new customers) and the concerted actions of the different business units (retail, private banking and
corporate), in providing a quality and distinctive service. This has helped to boost the value of the
customer portfolio and to increase commissions substantially, whilst permitting selective and sustained
growth in lending.
Customer lending was up by 15% on 2006. This was essentially due to an increase in consumer credit
(up by 16%), home loans (up by 16%) and card lending (+20%).
Constrained by unfavourable trends on the foreign exchanges (with the euro rising strongly against
other currencies), customer deposits grew 10% on the previous year.
Year-on-year growth in the financial contribution stood at 6%, thanks largely to appreciable growth in
commissions collected (up by 12%) and the financial contribution from deposits (up by 19%), contrasting
with a decline in the financial contribution from lending (down by 2%), due to much narrower margins.
Alongside sustained growth in banking business, the focus on service quality has also helped to consolidate
our leadership position in the regional market.
With the twin aims of increasing the efficiency of our operations and responding to growing customer
needs, steps were taken to extend the already large Branch network in Madeira, with the opening of the
Canhas Branch and a new Branch in Ponta do Sol. The Camacha, Estreito da Calheta and Machico
Branches were revamped, and the Porto Santo and São Martinho Branches were moved. At the same time,
the old Ponta de Sol Branch changed its name to the Livramento Branch.
The opening of two more Branches, expansion of the network of freestanding ATMs (+16 in the region)
and the creation of a new Customer Service Team at the Madeira Business Centre (Team 7) all
contributed to expansion of distribution channels in the Madeira region in 2007.
With a view to growth in the business of the Banif Financial Group in Madeira, and in order to attract new
customers and business, the MCD added to the vast range of products available the “Cash Management
Account - CGT”, aimed at small and medium sized business and individual business people.
28
_
In keeping with the important role it has played in the development of the region over the last 20 years, the
Bank reaffirmed its support for a range of initiatives under the Bank’s social responsibility project
and developed sponsorship contracts with organizations in various areas of society.
In order to encourage regional development and reward the achievements of organizations and
individuals in various sectors of society and the economy, the Bank again teamed up with regional
institutions to award the Zarco Prize.
In the arts, Banif again put its weight behind the Madeira Children’s Song Festival, and sponsored the
concert by the Orquestra Clássica da Madeira on the World Day of the Child. The Bank also signed a
cooperation agreement with the Arts Education Office of the Regional Education Department.
As part of efforts to raise the awareness of the student community of the importance of saving and to
explain the role of banking operations in the economy, Banif organized another round of the Geração
Mais competition and launched campaigns aimed at the same target, including Banif Filhos, Banif
Verão Jovem and Banif Jovem 80 – 20, in order to continue encouraging saving in this segment and
to help the young people of Madeira identify themselves with the Banif name.
The “Investor Forum” organized by the Banif Privado Centre, in partnership with BIB, and participation
in the events commemorating the Madeira Enterprise Day both assigned special importance to private
banking and corporate clients. With the same aim, Banif sponsored the “1st Annual Tourism Conference”
organized by the Regional Branch of the Association of Economists, and signed a commercial agreement
with this body, offering preferential terms for all its members.
In the world of sport, the Bank consolidated its contracts with the Clube Naval do Funchal, Clube Sport
Marítimo, Clube Desportivo Nacional, Clube de Golfe do Santo da Serra and Clube de Golfe do Porto
Santo.
The holding of 2 Banif Golf Tournaments, one in Porto Santo and another at Santo da Serra,
combined with participation in the “6th Meeting of Generations” in Venezuela, have enabled the Bank to
deepen its ties with different client segments, raising the international profile of the Banif Financial
Group.
ACCOUNT
VARIATION 07/06
Deposits
+10%
Lending
+15%
Total Financial Contribution
Customer Base
+6%
+3,2%
29
BUSINESS OPERATIONS OF BANIF - BANCO INTERNACIONAL DO FUNCHAL, SA IN 2007
_
2. BUSINESS IN MAINLAND PORTUGAL
2.1 Business in the Corporate and Medium/High Income Segment
The Corporate and Private Banking Division (CPBD) is responsible for coordinating and developing
business with medium and large companies, institutional clients and middle-high income private
customers in Mainland Portugal.
The operations of the CPBD in 2007 were geared to achieving the aim of growth in business and
strengthening the position of the Banif Financial Group in this business area and in the market.
Sustained growth in income in this area of the Bank has been attained thanks to a strategy focussed
on four main factor: efficient lending, commitment to the Client Programme – 330 x 2, reorganization
of the Business Centres under the Companies x 2 project, and improving the technical and behavioural
skills of the dedicated Customer Managers.
2.1.1 Business in the Corporate Segment
Banif’s operations in the small and medium sized business segment was conducted in 2007 by a
network of 25 Business Centres and 59 Managers specialized in responding to the financial needs of
this segment, resulting in sustained growth in business.
Positive performance in business banking was reflected in customer lending, up by 23% on the previous
year. In addition to rigorous and selective management of the loans portfolio, speedy decision making
and pricing differentiation on the basis of a risk-return analysis for each client and his relationship
with the Bank were crucial factors in achieving these results.
Despite the trends on the money markets and the consequent reduction in financial brokerage margins,
the financial contribution from the lending business of the Business Centres grew by 7% over the
course of 2007.
The financial contribution from client deposits presented growth of 46% in 2007, driven by growth
in off-balance sheet deposits (up by 25%). In contrast, on-balance sheet deposits declined by 4% in
relation to 2006.
The growth of 11% in the total financial contribution from this business area was also supported by
a 13% increase in commissions over the period.
As part of the 330x2 Programme, campaigns to attract new clients made it possible to expand the
corporate client portfolio by 10% in comparison with 2006 and to consolidate the importance of this
channel in gaining private clients (+30%) by means of cross-segment initiatives aimed at the staff and
owners of corporate clients.
Implementation in the second half of the Companies x 2 Project made it possible to add weight to the
commercial approach to companies with an annual turnover in excess of 2 million euros. Efforts to
strengthen the ties between clients and the Bank, supported principally by taking a more pro-active
commercial stance, which took the form of drawing up a detailed plan of contacts with a view to growth
in the share of wallet for good risk clients and to increasing cross- and up-selling.
30
_
Functional reorganization of the Business Centres, imple-mentation of the Business2Top training plan
and the introduction of the GOP Empresas sales support tool made it possible to provide Client
Managers with the technical and behavioural skills needed to get to know their clients better and to
boost levels of overall satisfaction.
The strategic priorities defined for the corporate area in the present three-year period point to a
substantial increase in market share and in operating profits from this business area, whilst
maintaining service standards, client satisfaction and value creation for the Bank.
ACCOUNT
VARIATION 07/06
Deposits
-4%
Credit
+23%
Total Financial Contribution
+11%
Client Base
+10%
Factoring Business
In 2007, the Bank recorded appreciable growth in factoring and confirming business.
Year-on-year growth in credit transfers and the average advance payments balance stood at 14% and
12% respectively.
In line with the growth of business in this area, financial revenues were up by 30% on the previous
year. This was achieved thanks to an increase of 9% in the volume of commissions collected and
growth of 38% in financial income, in relation to 2006.
There was no significant change in the structure of the client lending portfolio during the year,
and the construction industry was once again the main sector in this area.
2.1.2 Business in the Medium-High Income Segment
Private banking services are provided in mainland Portugal through a network of 12 managers specialised
in advisory services and wealth management for institutional clients and high-income personal clients.
Despite the direction taken by the economy, the strategy adopted in this business area permitted us
to achieve significant results in the target market in 2007.
Growth of 23% in on-balance sheet deposits combined with trends in the money markets permitted
Banif Privado to record growth of 162% in the financial contribution from deposits, when compared
with the previous year. At the same time, off-balance sheet deposits brought in by this network declined
in relation to 2006.
31
BUSINESS OPERATIONS OF BANIF - BANCO INTERNACIONAL DO FUNCHAL, SA IN 2007
_
Client lending grew by 18% in value, although the financial contribution was down by 34% on the
previous year.
Cross-selling initiatives geared to increasing the average number of products per client and selective
offering of products appropriate to each investor’s profile contributed to an increase of 34% in
commissions, meaning that the total financial contribution was up by 16% on the previous year.
The results from private banking were achieved thanks to territorial reorganization of the client manager
network, and Banif now offers a dedicated service for this segment in Almada, Cascais, Faro and
Guimarães.
The focus on support for the specific investment needs of this client segment, combined with cooperation
with the specialist teams at Banif - Banco de Investimento, SA, permitted the Bank to increase customer
loyalty and to expand its client base by 11% in 2007.
ACCOUNT
Deposits
+23%
Credit
+18%
Total Financial Contribution
+16%
Client Base
+11%
2.2 Business in the Retail Segment
The Branch Network Division (BND) continued in its mission to bring in deposits and to place products
and services in its target segment: personal customers, small businesses and independent professionals,
in Mainland Portugal.
With a sales stance based on offering multiple products, the Bank’s Branches have further consolidated
their role as the main channel for the marketing of strategic commercial banking products (personal
loans, home loans and cash management accounts), as well as retaining a leading position in capturing
deposits and placing the products of other Banif Financial Group companies, thereby promoting cross-selling and customer loyalty.
The BND ended the financial year with a network of 192 branches, having opened 33 new branches
in the course of the year. In the space of 18 months, from 1 July 2006 to 31 December 2007, the
network has added no less than 50 new branches. This represents extremely ambitious expansion, and
will continue into 2008, with a view to augmenting the network by a further 50 points of sale.
After three years in which it has focussed on attracting new clients, the Bank has set a highly ambitious
target placing products during the three-year period from 2007 to 2009 (1 million products by the
end of 2009). The 330x2 Programme was set for 2007, with the aim of achieving 330,000 active
clients by the end of 2007, with an average of 2 products per client (not including debit cards and
e-banking).
32
VARIATION 07/06
_
At the end of the year, the BND had exceeded the targets in the 330x2 Programme, with 28,250 new active
accounts (success rate of 109%) and placing 84,000 products (success rate of 135%).
Credit card sales made a very significant contribution to this achievement, as the BND almost doubled
its portfolio of clients with credit cards (27,750 cards placed).
Efforts continued on three priority areas:
- Consistent improvement in customer service quality, satisfaction rates rising in the results of customer
satisfaction surveys and Mystery Shopping reports.
- New Opportunity Manager functions at the disposal of branches, alerting staff to business
opportunities or to signs of customer drift. Great importance is attached to monitoring customers
during the first year.
- Encouraging more customers to use the Banif@st (e-banking) service, increasing customer loyalty
and helping to reduce costs.
Comparing December 2006 with December 2007, the BND recorded growth in deposits of 271
million euros (+18%), to a total of 1,788 million euros. The BND’s total loans portfolio stood at 2,324
million euros, representing growth of approximately 365 million euros (+19%), with mortgage lending
up by 18%, personal loans by 28%, credit card lending up by 53% and lending on cash management
accounts up by 7%.
Continuous efforts are made to work in tandem with the Agency Channels Department (ACD), which is able
to channel customers and business to the Branches from its network of salespersons. Additional salespersons
have been contracted and the average volume of business per salesperson increased over the previous year.
Despite the drop in the financial margin on lending, the total financial contribution was up by 14%,
thanks primarily to commissions, which grew by 24%.
ACCOUNT
VARIATION DEC 07/06
Deposits
+18%
Credit
+19%
Total financial contribution
+14%
Active Client Base
+15%
2.2.1 Current Accounts and Savings Accounts
Deposit and savings products are now handled by the Retail Products Department (RPD), and the
financial year of 2007 was characterized by the start of a process of renewal in the product range, with
the main features of certain products being refreshed and other new products being launched.
The existing portfolio of the Bank’s deposit and savings products is client-focussed, designed also with
a view to diversification of products held.
33
BUSINESS OPERATIONS OF BANIF - BANCO INTERNACIONAL DO FUNCHAL, SA IN 2007
_
Products designed to promote saving launched in 2007 include:
- the Savings Account, designed to encourage gradual and periodic saving;
- Depósito Crescente (“Growing Deposit”).
At the same time, measures were adopted to stimulate business in the youth segment, in order to attract
new customers and build up loyalty (savings products).
2.2.2 Mortgage Lending
The financial year of 2007 was marked by increases in the reference rates for home loans and by
international fears of increased default on subprime mortgages in the US, which has significant
contributed to the slowing of the international economy.
The main thrust of the Bank’s operations in this sector have been to offer rapid customer response,
flexibility, consolidation of market niches and development of products and services geared to meeting
customers’ needs and expectations.
The rigorous procedures instituted by the Bank for mortgage lending have been consolidated in the
home loan segment, with quality certification under international standard NP EN ISO 9001:2000.
The balance of the mortgage lending portfolio (including the securitized portfolio) started the year at
1,826.1 million euros (1,450.4 million euros in mainland Portugal and 375.7 million euros in
Madeira) corresponding to approximately 33,300 contracts, and then rose to 2,147.1 million euros
at year-end 2007 (1,709.8 million euros in mainland Portugal and 437.3 million euros in Madeira)
corresponding to approximately 37,200 contracts.
This performance by the portfolio represented growth of 17.6% in 2007, corresponding to an
increase of 321.0 million euros, in excess of the growth recorded in 2006.
At year-end 2007, the total securitized portfolio under Banif’s management stood at 260.8 million
euros.
Production of new contracts increased by 138.9 million euros (34% up on the previous year), totalling
547.1 million euros, with very comfortable indicators including average coverage of 74% on the loanto-value ratio for an average exposure per client of 111 thousand euros. The average loan duration was
29 years and the average age 41 years.
With demand for loans up by 36.3% on the previous year, assessment and decision-making criteria
were tightened, resulting in an approval rate of 68%, with the average loan per client at approximately
126 thousand euros.
The Bank was active in the field of loan transfers, offering more competitive terms resulting in a clearly
positive balance.
The range of products and services aimed at non-resident foreign customers has been redesigned and
extended, and the improvements have included English product names and website calculator, bringing
the Bank closer to these customers and strengthening its position in this market niche.
34
_
2.2.3 Consumer Credit
Payment Cards
Banif set itself the target of marketing 30,000 credit cards in 2007, and managed to exceed this
objective thanks to the following initiatives:
- Customer Relationship Management, product segmentation and identification and more
appropriate ceilings, in line with the customer’s profile;
- Sales campaigns, with prizes for staff (prizes for the best Banif Branch and for the best Branch
in each sales area);
- Significant operational changes, in the method for card applications and deliveries during
campaigns.
Success in meeting the sales target for 2007 reflects Banif’s strategy for card business, consisting of
preferential placement of credit cards, as opposed to debit cards, with growth in credit cards
of 59% over the financial year, contrasting with growth of 2% on debit cards.
The main critical variables for profitability on card business were tackled in various initiatives:
- Activation Programmes
Prizes without draw: Sales campaigns in 2007 aimed at clients with inactive cards, encouraging and
offering bonuses for activation, proved to be a success, making it possible to obtain an activation rate
of 71% in five months.
- Loyalty Programme
“Vantagem Banif” magazine, offering discounts and exclusive partnerships for credit card
holders.
- Placement campaigns and new operating instruments.
The following campaigns were conducted:
- 10 best customers per branch;
- 6 cards a week;
- customer segmentation, through identification of the most appropriate type of card and the respective
credit limit.
Important measures were adopted in 2007, with effects to be felt in 2008:
- With the rebranding of the Banif Financial Group, all current cards were prepared for marketing
with the new Bank image;
- Extension of the current rage of card products;
- Preparation and analysis of various co-branded operations;
- Campaign to upgrade clients in respect of card type and credit limit, with a view to improving satisfaction
of Banif customers.
Personal Loans
The range personal loans products was adjusted at the start of 2007, on the basis of a benchmarking analysis,
using the new “Banif Pessoal” name. The client’s relationship with the Bank is relevant to defining the terms,
which are determined by the number of products subscribed, contributing effectively to one of the year’s
strategic aims: raising the average number of products per customer.
35
BUSINESS OPERATIONS OF BANIF - BANCO INTERNACIONAL DO FUNCHAL, SA IN 2007
_
At the same time, direct marketing work was conducted, directed at the Bank’s customer base, with a view
to building up loyalty and attracting customers to consumer credit. By awarding pre-set credit limits to
customer segments with a positive track record on loans, with promotional terms, simplified flows and
procedures, all supported by committed work by the call centre, it was possible to increase decisively the
loans portfolio in this area.
The Bank concluded a total of 10,500 new contracts in 2007, with a value of 103.2 million euros, as
compared with 8,360 contracts and 89.7 million euros in 2006. This represents growth of 26% and 15%
respectively, in the number and value of contracts.
The average contract value in 2007 was 9.8 thousand euros, as com-pared with 10.7 thousand euros in
2006, representing a decrease of 9%.
At the end of the year, the balance on the personal loans portfolio stood at 200 million euros, in line
with the target set for 2007, as compared with 160.9 million euros in the previous year, corresponding
to growth of 24%.
Other developments in 2007 included:
- The terms for products marketed by the sales networks were standardized;
- The products marketed under Salary Account Agreements and through the new branches, which were
also duly adapted;
- The Banif Pessoal product line, which also includes an IT solution, with models proposed by the bank and
periodic refreshment;
- The personal loans campaign conducted in the third quarter;
- The introduction of a grace period on principal and a residual value for specific offers aimed at
building customer loyalty;
- The signing by Banif of a Mutually Guaranteed Credit Line Agreement for Higher Education Students.
2.2.4 Specialized Lending
Lending to Small Businesses
In the field of small business lending, “Cash Management Account Solutions” are the strategic
product used by the Bank, offering a flexible range geared to managing cash needs.
In the financial year of 2007, new accounts totalled 3,100, as compared with 2,500 in the previous
year. “CGT Solutions” now has 19,000 customers, as compared to 18,200 in the previous year,
corresponding to growth of 4%.
In December 2007 the balance on the portfolio stood at 300.9 million euros, up by 8% on the previous
year, where the figure had stood at 278.6 million euros. Deposits totalled 38.8 million euros at the
end of 2007, down by 6% on the balance at year-end 2006 of 41 million euros.
Thanks to measures completed in 2006 to make this product more flexible, fresh energy has been breathed
into this strategic product.
In 2007, the Bank also started marketing “CGT Solutions” through branches in the Madeira region.
36
_
The signing of agreements with commercial associations continues to serve as a prime means of bringing
this product to new customers.
2.3 Overdue Credit and Legal
At year-end 2007, the Bank recorded overdue credit of 108,348 thousand Euros (principal and interest
without securitization), of which 87,096 thousand Euros had been referred to the legal department.
A total of 37,957 thousand Euros was recovered in respect of overdue credit referred to the legal
department, including 5,118 thousand Euros already written off the balance sheet.
At the close of the year, provisions created in accordance with Bank of Portugal rules for specific credit
risks (including overdue credit and interest, and doubtful debts) stood at 82,133 thousand Euros,
whilst total provisions (specific lending risks and general lending risks) stood at 134,107 thousand
Euros, corresponding to 123.77% of total overdue credit.
As a result, overdue credit (without securitization) at year-end 2007 represented 1.8% of total lending.
In the course of 2007, a sum of 26,409 thousand Euros was written off the balance sheet in respect
of credits regarded as uncollectible, for which full provision was made.
Work was conducted in various areas in 2007, including:
- Standardization of procedures in different credit recovery areas;
- More efficient recovery, by assigning priority to negotiation, as opposed to judicial enforcement, in
view of the time taken by judicial proceedings against defaulting debtors;
- Cutting the time lag between default and the bringing of judicial proceedings;
- Renewal of information systems, through adjudication of new specific software for management of
extra-judicial and judicial recovery processes, complementing the software implemented in 2006
for management of overdue credit situations.
2.4 New Distribution and Business Support Channels
2.4.1 Call Centre and E-Banking
The Direct Network Department (DND) invested significantly in IT in 2007, in order to step up its
commercial capability, taking up VoIP technology and updating its call management and recording
software.
In line with the Bank’s commercial strategy, the DND made approximately 915,000 outbound calls
over the year, up by 4% on the previous year. Personal lending campaigns (pre-granted and IT) recorded
average take-up rates of 71%, with take-up rates of 25% for the Cash Management Account for noncustomers and 52% for credit cards.
In cooperation with the SMD and in connection with the quality management system, a number of
37
BUSINESS OPERATIONS OF BANIF - BANCO INTERNACIONAL DO FUNCHAL, SA IN 2007
_
customer satisfaction surveys were conducted, and the centre also helped to monitor customers
and follow through the opening of new Branches.
The number of calls answered on the Linha Banif (808 200 200) totalled more than 125,000; the
Linha Banifone (personalized service for Banif@st users) answered approximately 52,000 calls,
reflecting increasing use by customers of the telephone channel, which has been further increased by
centralization at the call centre of the activation process for the Bank’s credit and debit cards.
In the last two months of the year, the DND extended its work on non-judicial credit recovery using
the telephone channel (personal loans, mortgage lending and cash management accounts) to the
Madeira region, Overall recovery rates in personal loan and home loan processes stood at around 85%,
and recovery of interest and overdrafts on Cash Management Accounts stood at 90% of accounts
referred.
In relation to BBCA, the DND centred its work on revolving personal lending, with a subscription rate
of 21% (up from 16% in 2006). Point-of-sale lending grew by 28% in the number of applications
approved and 59% in terms of the value approved.
Work also started on non-judicial recovery of personal and home loans, with recovery rates in the order
of 74%.
In relation to specialized credit, non-judicial recovery of rentals and repayments for Banif Go represented
total recovery of more than 5 million euros in late rentals and repayments.
The Bank has maintained the quality certification for its telephone banking and e-banking services
under NP EN ISO 9001:2000, thereby consolidating the provision of a benchmark service in line
with the bank’s strategic aims.
In e-banking (Banif@st), we remained committed in 2007 to providing a quality service to existing
and new clients.
In terms of quality, access security was one of the main concerns in 2007, and our customers were the
first in the world to use the innovative solution of security seals. This is a preventive solution designed
to ward off the increasingly frequent phishing attacks to which banks have been subject.
Users have also been offered new functions designed to meet their real needs, and thereby extend the
vast range of service options provided. A new channel for accessing the service, PDA (personal digital
assistants), has been added to the existing mobile banking solutions (SMS and WAP). A full Englishlanguage version of the e-banking service was another developed designed to increase customer
satisfaction and outreach.
The Banks exceeded all its quantitative targets in this area. Overall, 70% of customers have taken up
the service, and the usage rate for the different channels doubled over 2006, i.e. 15% of clients now
regularly use the service. Transactions grew by 66%, leading to an increase of 60% in earnings. Entries
to the various e-banking channels were also up by 61% on 2006.
Finally, the strategy adopted for bringing in deposits through electronic channels, monthly campaigns
with attractive rates and the inclusion of new products resulted in growth of 103% over the previous
year.
38
_
2.4.2 Agency Channels
The Agency Channels Department (ACD) is an important part of the Banif sales structure, playing a
major part in bringing in new business, especially in credit regarded as strategic, and in attracting
deposits. The department has also made a highly positive contribution under the “330x2 Programme”
designed to canvas new customers.
The policy followed in previous years was maintained in 2007 as regards the salespeople making up
by the Agency Channels Network. Growth was sustained, with efforts focusing on gaining a higher
profile for the Banif brand, through a network founded on provision of a quality service, ethical and
professional conduct and a high standard of efficiency.
As a result of this strategic thrust, indicators of the business promoted through this network reflected
growth of more than 55% in lending and around 31% in deposits. Total business brought in by the
Agency Channels Network stood at approximately 300 million euros, representing an increase overall
of 50%.
Thanks to the “330X2 Programme”, the number of new customer brought in by this network grew by
25% over the previous year.
In the course of 2007, the Agency Channels Network was also given the possibility of promoting nonstrategic products, such as debit and credit cards, and products to support construction. Although only
recently introduced into this network, these products have already shown signs of the potential to
generate interesting levels of production.
Various business partnerships were established in 2007 with estate agents. Aware of the fact that estate
agents are playing an increasingly important role in concluding contracts in the sector, Banif would
be wrong to ignore the possibilities in this area.
On the strength of its capacity offer a wide range of mortgage lending products, the DND has continued
to bring in business from non-resident clients, working with international property developers of
recognized quality, resident in Portugal or otherwise.
We should also point out that a number of Portuguese property developers have also taken up the
chance to promote mortgage loans for non-residents, and with Banif’s support are helping to consolidate
a loans portfolio with significant rates of growth and contribution to the Bank’s operating account.
Through its 1,242 salespersons (including 62 from the Assurfinance network and 285 estate agents),
the Agency Channels Network now covers all of mainland Portugal, thereby contributing to improved
outreach by the Bank. Compliance with the main business guidelines, appropriate target setting,
consolidated administrative organization, systematic training activities and monitoring of salespersons
has meant that the Agency Channels Network is of increasing strategic importance to Banif’s policy
of growth.
2.4.3 Electronic Channels and Means of Payment
The Means of Payment Department (MPD) is responsible for managing and marketing the
following products:
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- Cards,
- ATMs and
- Automatic Payment Terminals.
The MPD’s activities in 2007 were focussed on achieving the ambitious sales targets set for the year
and on reorganization of operations and the IT system for card management (SAC).
A key element of the operational and systems reorganization process was the SAC Project - Card
Administration System, and important strides were made during the year in adapting this tool to Banif’s
operations, with a view to increased effectiveness and returns on overall card business management,
decentralization, autonomy of functions and reduction of operating costs.
All the procedures and operating rules needed for direct management were also created and developed,
through use of the Bank’s own operating system for card management, SAC.
Sales staff generated a 32% increase in business in comparison with the previous year, with regard to
requests for the installation of ATMs.
At the end of the year, the department managed a total of 342 ATMs, giving Banif a market share of
2.55% (up by 0.44% on the previous year) for the network’s ATMs.
The commercial options adopted for placement of this product have proved to be correct, in view of
the 23% increase recorded in transactions and consequently in ATM generated income for the Bank.
At year-end 2007, there were 3,271 automatic payment terminals supported by the Bank, up by 22.2%
on the figure at the end of 2006.
In terms of market share, Banif has 1.84% of the total terminals in the network.
The campaign to attract new POS terminals generated an increase in 25.2% in new installations in
comparison with 2006.
Income generated in 2007 was up by 13.6% on the previous year.
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3. FINANCIAL OPERATIONS
The Financial Department (FD) continued to be responsible for integrated management of the Bank’s
assets and liabilities, intervening on behalf of the Bank and other companies in the Banif Financial
Group in the money markets and foreign exchanges, as well as coordinating the Bank’s dealings with
other financial institutions in Portugal and abroad and supporting the Sales and Product Departments
in their respective areas. The Financial Department continued to work on structuring products for sales
through the sales networks.
In view of the volatility on the financial markets, Banif maintained its policy of diversification in
operations, limiting its equity and bond portfolios and attaching priority to liquidity.
The financial year of 2007 was marked by the subprime crisis and the repercussions this had on credit
markets, in particular on the market for structured securities.
The first signs of a correction in the structures including subprime lending could be seen during the
first quarter of the year, but it was in the summer that the crisis spread, causing problems of liquidity
and a drop in confidence in the financial system.
Lending spreads in Europe, measured by the respective indexes, more than doubled during the second
half of 2007, after having reached historical lows in late May.
The investment policy continued to be pursued with support from BIB, in line with a conservative
profile in selecting issuers and giving priority to diversification of sectors.
Total net profits on financial operations were up by 9.9%, at 7.6 million euros in 2007, as against
6.9 million euros at year-end 2006. These profits were due principally to gains obtained on the
revaluation of fair value liability derivatives and the sale of investment securities.
The foreign exchanges remained highly volatile in 2007.
The subprime crisis and the consequent fears of a more marked slowdown in the US economy, the
world’s largest, leading the FED to cut its leading rates by 1 percentage point, were factors which
helped to bring the US dollar down, closing the year 11% lower against the euro.
These factors led to a slight increase in foreign exchange trading over the year, due to commercial
operations, with companies which had take out foreign finance in USD dollars hedging
these positions, in order to assure the forex gains obtained.
The volatility experienced in the financial markets and more conservative management of the Bank’s
risk operations resulted in increased foreigh exchange results in 2007, at 1.07 million euros, as
compared to 775 thousand euros at year-end 2006.
Banif maintained a balanced policy of liquidity management with a view to minimizing market risks,
concentrating on lower risk investments and hedging the risk on more volatile assets, as well as reducing
interest rate mismatches and periodically assessing interest rate risk with a view to reducing this
exposure.
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Liquidity was held stable through funding from clients, recourse to the money market and operations
on the international markets, through medium/long term loans.
In the first half of the year, the Bank’s clients showed keen interest in short term securities investments
due to the prospect of the ECB continuing with its policy of interest rate rises. However, with the
subprime crisis in August, and in view of the instability this created, demand grew from customers for
lower risk investments.
In this context, the value of medium/long term DCs in Banif’s customer portfolio stood at 66.6
million euros at 31 December as against 84.7 million euros in December 2006.
On the capital markets, the FD participated on preparing an issue of a tranche of European Medium
Term Notes, with a value of 300 million euros and maturity of 5 years, concluded in May.
The FD also participated, in conjunction with the ID, on placement on the market of two medium/long
term syndicated loans. The first had a maturity of 5 years and a value of 230 million euros, and was
concluded in May, whilst the second had a maturity of 1 year and value of 155 million euros, taking
the form of a club deal, concluded in December.
Banif was therefore able to record a degree of stability in liquidity, with the liquidity ratio, as measured
by the Bank of Portugal, standing at 94.9% at year-end 2007.
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4. INTERNATIONAL OPERATIONS
Banif recorded significant expansion in its international operations in 2007, gaining a higher profile and
attracting the attention of various players, including first rank banking institutions, rating agencies and
regulatory bodies worldwide, as well as specifically in the countries where the Bank has established a presence.
In April 2007, Banif placed, in record time, a 5-year syndicated operation of 150 million euros. This
loan was oversubscribed, reaching a final value of 230 million euros, and was taken by a number of
highly prestigious banks with a track record of dealing with Banif, in this and other areas. The mandates
lead arrangers were Lloyds TSB, DZ, the Unicredit Group and Intesa-San Paolo.
Despite unfavourable conditions on the capital markets in December, the Bank took a bilateral club
deal loan, from a set of 6 leading banks, with a total value of 155 million euros, a maturity
of 1 year and on highly competitive price terms.
Banif currently has more than 300 banking counterparts and 1,492 correspondent banks around the
world, with which it operates on a regular and growing basis, in relation to cash, forex, swap and service
products.
In June 2007, the annual GEB (Groupement Européen de Banques), of which Banif has been a full
member since 2001, held its 25th annual meeting in Juan les Pins, in France. Banif was
elected at this meeting to hold the GEB presidency from 2008 to 2009.
Banif has built up a sound and consistent track record, acknowledged by the international market,
which has won it a series of awards and nominations. This was more recently confirmed by the rating
assigned by Moody’s, which increased its long term score to “A2” and its short term score to “P-1”.
This two-notch increase (the first even achieved by a Portuguese bank) reflects no only changes in the
JDA (Joint Default Analysis) and BFSR (Bank Financial Strength Rating) methods used by the agency,
but also the positive evolution in the Bank’s risk profile, the sustainability of its levels of growth, the
strong franchise in Madeira and the Azores (through BBCA) where it is the market leader and the
stability of its deposits base.
This recognition has been achieved thanks to consistent and consolidated work, carried on since 2003,
when Banif first obtained its international rating.
On the eve of its 20th anniversary, the Banif Financial Group consisted of 52 companies, in Europe,
America and Africa, bearing witness to the Group’s Atlantic origins and focus, its concern for
openness and for developing new potential markets.
The Bank has devoted special attention to developing closer relations with Portuguese speaking
countries in Africa and with Brazil.
Another focus of attention has been London, where in October the Bank opened a commercial branch
as well as an investment banking branch. The branches handle essentially trade finance operations
(secondary market, specializing in Brazilian corporate risk and interbank operations with EEC and CIS
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countries, the Middle East and Africa), a range of real estate finance products (mortgage and lending)
and the Bank’s relationship with the Portuguese community resident in the United Kingdom, through
a branch office located near Victoria Station, in London.
In its international business, Banif has continued to give priority to expanding international operations,
especially trade finance, paying special attention to Brazilian corporate risk, sourced by Banif - Banco
Internacional do Funchal (Brasil), SA.
Similarly, the Bank has remained committed to diversifying its portfolio of trade-related operations,
with operations sourced from banks in other countries, such as Angola, Argentina, Bulgaria, Georgia,
Kazakhstan, Latvia, Lithuania, Nigeria, Russia, the Ukraine and Turkey. These operations had a total
value of more than 100 million euros at the end of the year. The growth in these operations was related
to the start-up of the London office. Primary market operations continue to be handled on a priority
basis from Lisbon.
The new Management and Control Office is also relevant to international operations. This office has
worked to update the practices and procedures of foreign units of the Banif Financial Group, dealing
with issues such as corporate governance, compliance and internal control, in conjunction with the
Group’s compliance unit, assuring alignment with best international practice. These efforts have sought
to shape developments within the Bank to fit the nature, risk, scale and growth of its operations abroad.
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5. COMMUNICATION AND IMAGE
In 2007, the Marketing and Communication Department (DMC) was responsible for leading the
rebranding project which initially covered Banif and BBCA, but was then extended to all companies
in the Banif Financial Group.
The project was needed in order to create value and a higher profile for the Banif brand, which was
seen as out of touch with the Bank today, and suffering the wear and tear of more than a decade’s use.
The rebranding was also timed to take advantage of the dynamic generated by the Bank’s 20th birthday
celebrations, in early 2008.
Qualitative, quantitative and signature studies confirmed the need for a radical change in the corporate
image.
As a result, the Bank adopted a new image as from 15 January 2008, based on:
- A new symbol, the Centaur, symbolizing physical strength and capacity, combined with human
vision and intelligence. The centaur combines the strengths that the Bank places at its customers’
disposal, to help them achieve their aims and make their dreams come true;
- A new colour, Indigo, representing the balance of forces sustaining peace of mind, knowledge
and idealism. Indigo symbolizes the line of absolute knowledge, mastery and personal realization.
Essential values which serve to differentiate the Banif Financial Group;
- A new slogan, “The strength of believing”. Belief is an inner force which makes us act and
pursue our dreams. Banif believes in the emotions which move us, in the convictions that guide
us and in building genuine relationships. Complete dedication and the tireless quest for the
best solution for our clients is a form of motivation that overcomes all limits.
The DMC led the entire project, with the aim of start-up on 15 January 2008. This involved designing,
developing and implementing the new brand, dealing with issues relating to advertising
(institutional/products), merchandising, stationary, equipment, branches and buildings, corporate TV,
internal and external sites.
In order to mark the 20th anniversary, a range of high profile initiatives was designed, to take place
as from 15 January 2008 and continuing all year long.
The DMC also continued to work on consolidating the Bank’s image, as part of the strategy for increasing
market share, through organic growth, designing measures to support the launch and re-launch of
products and services.
In following through the Bank’s natural growth during this period – 35 new branch offices – innovative
local activities were developed, to create strong and close ties with the local communities.
A newsletter and intranet microsite were developed for the 330x2 Programme, providing staff with
access to the programme aims and the success rate.
The DMC prepared the 2006 annual reports for Banif SGPS and Banif, in a bilingual version and on
CD. For the first time a chapter on sustainability was incorporated in the annual report of Banif
SGPS.
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In line with customer requirements and the need for permanent innovation in products and services,
with a view to attracting customers and deposits, the department launched a number of promotional
campaigns, devoted in particular to personal loans, home loans and Banifuturo.
A major information campaign was undertaken to spread news of the successful certification of the
Banif@st e-banking services under international standard NP EN ISO 9001:2000.
In the field of sponsorship policy, the Bank continued with its strategy of supporting Portuguese
sporting events, focussing especially on sponsorship for Club Sport Marítimo, Clube Desportivo
Nacional da Madeira, and the Portuguese Basketball Federation (men’s teams). A new departure in
this area was Banif’s sponsorship of the Lisbon Half Marathon, one of the largest sporting events held
in Portugal.
The Bank is highly aware of its social responsibility, and for the second year running it supported the
“Lisbon, Women and Life” race organized by the Portuguese Marathon Club, in which 10,000 women
took part, with funds raised being used to buy breast cancer screening equipment.
In the same context but with a broader view, the Banif Financial Group has decided to incorporate
“sustainable development” as a fundamental strategic component. In connection with this, the
Department has been coordinating the start of a project establishing a governance model for the Group,
and has prepared the first sustainability report.
As in previous years, the Bank supported 12 charity organizations at the end of the year, including 5
in the Madeira Region, distributing a total of 60,000 euros with this specific measure.
Golf has again featured prominently amongst the events sponsored by the Bank. The tournaments at
the Porto Santo and Santo da Serra Golf Courses, in Madeira, and at the Millennium Golf Course in
Vilamoura, provided yet another opportunity to develop closer and better ties with our Clients.
Due to the growing presence of the Bank and Banif Financial Group companies abroad, the Department
was involved in preparing various openings and other events.
In the course of the year the Department worked on projects for Corporate TV and restyling the Bank’s
website.
The Bank’s website was updated to reflect all the campaigns, promotions and new products offered,
using this channel to reach our customers and internet users, with a view to providing more and better
information.
For the Madeira Region, the Banif site has been continually updated with specific content for the local
market, with continued interaction with all users, involving a number of competitions offering tickets
to football matches with Club Sport Marítimo and Clube Desportivo Nacional da Madeira.
Existing partnerships were strengthened for the Atrium Banif channel, devoted to non-financial leisure
content.
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6. STRATEGIC MARKETING
With the reorganization of the strategic marketing area in the first half of 2007, the former Strategic
Marketing Office (SMO) has been changed to the Strategic Marketing Department (SMD). The SMD
now comprises three units: the Business Support Software Unit, the Marketing Planning and Strategy
Unit and the Segmentation and Data Modelling Unit.
The SMD has focussed its activities on obtaining information about clients, monitoring competitors
and discovering new markets, maximising the use of all distribution channels and optimising the
portfolio of products and services.
Of the main activities carried on by the SMD, the following have the most far-reaching impact:
- Regular and occasional benchmarking studies, with a national or international scope, and comparative
analysis of the Bank’s portfolio of products and services in comparison with the market, especially
in the fields of personal loans, mortgage lending and commissions, as well as other products and
services;
- Strategic analysis of market segments, with a particular focus on the youth segment, including the
objective of broadening the existing range of customer solutions and designing relationship marketing
operations;
- Analysis of banking market and Banif’s positioning, together with local market analyses;
- Participation in the First Year Monitoring Plan for the Bank’s new clients, with periodic direct
marketing activities;
- Enrichment of the “Market Observatory” software, with new content, including detailed information
on the investment funds marketed by Banif and those offered by the competition;
- Systematic analysis of the campaigns of our competitors with crucial implications for the design of
new products;
- Strategic and operational management of the catalogue of products and services offered by the
Bank to its customers;
- Strategic and operational management of the Bank’s pricing, notably with a general pricing
review (adjustment of commissions and creation of new commissions);
- Continued work on the permanent programme for measuring the satisfaction of the Bank’s
personal customers, including development of a results barometer, and establishing anequivalent
study for corporate clients. An identical study was also launched for BBCA;
- Monitoring and release of information on the Mystery Shopping process, as part of the “Service
Quality” project for Banif branches, with the same process being launched at BBCA;
- Continued work on the “Branch Opening File”, involving a study of the local market, promotional
terms for the launch and potential contacts which may facilitate business;
- The Strategic Product Management Committee was set up in partnership with the Production
Department and MCD, with five fundamental aims: regular development of a products-markets
matrix, detection of new business areas, proposal for repositioning of existing products, planning
action to complement core products and to develop commercial synergies between different
units within the Bank;
- Active participation in the Benchmarking Committee, contributing a number of market studies
leading indirectly to internal debate and providing important information to the Strategic
Product Management Committee;
- Implementation of a Management Information System for the Foreign Residents Department.
With the creation of the ID and the consequent closure of the FRD, the SMD will make the necessary
adjustments to the system during the first half of 2008;
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- Functional upgrade of the Retail and Corporate Opportunity Managers (GOP), in order to
provide a wider range of functions, allowing users to be commercially more effective;
- Maintenance and management of business support software, the Management Information
System (SIG), the Opportunity Manager (GOP) and the Market Observatory (OM);
- Administration and management of the entire Datawarehouse supporting the SIG, GOP and
OM software;
- Development of an Integrated Alert Management System for the commercial networks, with a
view to building up levels of customer loyalty and retention, and helping to identify and develop
new business opportunities;
- Development of the workflow for the credit applications to the CPBD (Corporate) under the
“Companies x 2” Project initiated in the second half of the year, with phased implementation
at Business Management Centres during October and November;
- Design and implementation of the profitability per client model incorporating capital cost and
risk premium. This model is integrated with the workflow system for credit applications;
- Production of all the management information supporting permanent monitoring of the 330x2
Programme andintegration of this with GOP;
- Design and implementation of an information system specifically designed for the BBCA’s
200,000 Programme;
- Strategic management of Banif’s and BBCA’s sales campaigns, also assuring that they can be
put into operation through the sales networks
- Data analysis and segmentation studies, providing other departments with a broad range of
indicators.
In relation to the Banif Financial Group, the SMD has also provided support for BBCA and Banif
Go.
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7. HUMAN RESOURCES
Human resources management in 2007 was geared primarily to recruitment, training and management
of senior staff.
The department sought to keep pace with the Bank’s expanding commercial business, especially in
Portugal, and to improve the banking skills of the entire workforce, especially those with less professional
banking experience, and to prepare management staff for coordination and leadership responsibilities.
Special attention was also paid to the organization of the 1st Personnel Committee, with the participation
of the Executive Board and top managers, on the issue of “Management of Senior Staff”. This involved
analyzing and establishing methods for assessing internal potential with a view to meeting the need
for skilled positions in the structure of the Group’s commercial banks and at the same time contributing
employee satisfaction due to the recognition of abilities.
In the field of recruitment, Banif took on 370 new employees in order to cope with the opening of 35
branch offices and the creation and reorganization of a number of departments. At the same time, 159
employees left the Bank over the year, mainly on expiry of temporary contracts concluded for a variety
of reasons.
Banif’s workforce at 31-12-2007 totalled 1,996 employees, as against 1,785, at 31-12-2006. The
Banif Financial Group’s total workforce rose from 3,423 at 31-12-2006 to 3,787 at 31-12-2007.
Other aims of personnel recruitment were to contain the age pyramid and to increase the basic
qualifications of employees. The results at Banif were as follows: the average age fell from 37.0 years
in 2006 to 36.9 years in 2007, whilst the percentage of employees with higher education qualifications
rose from 46 to 49%.
An average of 30 hours’ training was provided for each employee, corresponding to a total of 61,151
training hours and 1,650 participants.
The training plan included the following major initiatives: TOP 2 TOP – for sales/retail staff at Banif
and BBCA, with a total of 1,200 participants; BUSINESS 2 TOP – aimed at corporate sales staff, in
line with the reorganization in this area; OUTDOOR Training for top managers in Banif and a number
of Banif Comercial companies and for employees of the DND, to help staff get to know each other and
to develop team work.
Major efforts have also been made in the field of e-learning, using the IFB platform, with approximately
950 members of staff enrolled on 19 different modules.
Special attention was also paid to induction training, with a redesigned programme, bringing it closer
into line with internal needs. The programme has been organized to convey the knowledge needed at
the start of employees’ careers, in a streamlined and made-to-measure format, reducing the programme
from 14 to 7 days of training.
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Of special importance to the future development of Banif and the Group have been the action
programmes undertaken to identify, select and follow through the employees with the greatest abilities
and potential, through a programme geared to fostering management capability/talent.
Finally, the new job description system has been implemented. This will be a valuable tool for managing
human resources and mapping out employee careers, as it clearly defines the duties and requirements
for more than seventy skilled positions.
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8. INFORMATION SYSTEMS AND TECHNOLOGY
Projects relating to the technological infrastructure in 2007 all shared a number of underlying aims,
which were to support business, achieve greater stability, and to provide a quality service to end users,
thanks to improved infrastructure and the use of productivity and alert tools. This work has included:
- Monitoring systems and networks – provision of the operations console, permitting an increasingly
pro-active stance on problem detection and resolution;
- Reorganization of connections with outside bodies, increasing the level of security in these
processes;
- Strengthening user security, through deployment of defences against new types of threats (e.g.
spyware);
- Restructuring of the networks at Rua Rodrigo da Fonseca, Avenida dos Aliados and Avenida
José Malhoa;
- Complete restructuring of the DND’s Call Centre solution;
- Evolution of SWIFT and MQSeries platforms;
- Rollout of multifunctional printers at Banif’s branches and central offices, replacing network
printers, photocopiers, faxes and scanners with a single physical unit;
- Workstation and ThinClient Linux study, without licensing costs;
- Investigation of measures to cut the cost of international calls and implement zero cost calls to
Brazil;
- Launch of the 24 x 7 services project, to identify the future course of evolution for technical
infrastructures with a view to increasing the window of availability of systems, applications and
services;
- Reengineering of supporting infrastructures for the Operational Continuity Plan (OCP).
Work was also completed on the project for data refreshment between development and quality control
environments, and review of the entire central system batch routine.
The ThinClients equipment was launched, as part of the process of reengineering work stations at
central offices, BBCA and BanifServ.
Implementation of the Operations Continuity Plan continued, and the first stage went into operation
at the start of the second half of 2007.
As usual, intrusion tests were conducted on the communications infrastructure and the distributed
systems.
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9. CONTROL OF OPERATING RISKS
Operating risks are managed and controlled on the basis of identification and analysis of the Bank’s
exposure to various risks (lending, market, structural and operational risk) deriving from its business
operation, and definition of strategies and policies to prevent and mitigate these risks.
The strategies and policies adopted for each of the main risks identified are defined by the Executive
Board and communicated to the entire organizational structure, with the Risk Management Department
(RMD) taking a central role in the process.
Banif seeks to raise collective awareness of the nature and scale of the risks involved in each type of
activity, whilst at the same time adopting strategies to maximise profits permitted by the risks and
exposure limits established.
Risks are continuously monitored, making it possible to take preventive action whenever necessary.
Risk control tasks and activities are carried on independently from other management bodies.
In relation to work on the Basle II Programme, Banif successfully completed most of the tasks required
in order to respond to the new prudential requirements, and this has allowed the Bank to control risks
with increased effectiveness and speed. This was achieved thanks to improved information systems,
predictive models for risk factors and more concentrated action on each of its operating risks.
a. Credit Risk
The rules and principles for granting and maintaining credit to customers are set out in the Lending
Manual. This contains rules which are applied across the board, such as the General Credit Regulations,
as well as the lending rules for each business area and the respective marketing network, and the rules
on preparing, assessing and following through customer lending operations.
Efforts to improve quality and efficiency in the approval of lending operations was the main reason for
the review, during 2007, of all the lending regulations for commercial departments in Mainland
Portugal and Madeira.
The RMD includes risk analysis units which assess non-standard lending operations and proposes
terms which assure greater security in the control of risks on the Bank’s portfolio. This assessment is
supported by systematic analysis of the following factors:
- quality of economic and financial information provided by clients;
- management quality and experience, industrial sector, areas of sensitivity, estimated repayment
capacity and the client’s relationship with the financial system;
- quality of the proposed operation, namely purpose, duration, guarantees, exchange rate risk, etc..
In assessing the risk of corporate groups, the following criteria
are considered in addition to the factors listed above:
- weighting of external risk scores;
- weighting of credit risk of the various group companies;
- regulatory limitations on major risks, the scale of these in relation equity and weighting of these risks
for the Bank’s solvency ratio.
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Within the limits established in the credit rules, the staff of the risk analysis units are involved on a
daily basis in decision making process in conjunction with the various business areas.
For several years now, the Bank has used scoring models (standardized credit) and rating models
(corporate segment), and the risk scores for approving operations are used to determine the value and
price of lending, together with powers delegated by the body with decision making powers on lending.
As part of the Basle II Programme, Banif has developed internal scoring models, for credit approval
and monitoring, in the retail and corporate segments.
The RMD also pays special attention to monitoring credit after it is granted, with a view to the possibility
of renewing credit lines.
The systems for detecting alert signals, management information on clients showing impairment and
regular meetings between the sales, credit recovery and risk departments, with a view to monitoring
“customers under observation” have all proved effective in controlling and recovering overdue credit.
Annual targets are set for the quality of the lending portfolio to complement and inform the quantitative
targets set for sales. Risk scoring aims are set, together with targets for concentration of exposure in
geographical areas, specific sectors and in major risks. Aims are also defined for bolstering the security
of operations through collateral. These objectives are regularly monitored.
b. Market Risks
Market or price risk (interest rates, exchange rates and share prices) is defined as the possibility of
incurring losses, due to unexpected variations in the price of instruments or operations.
Banif’s policy in this field continues to be prudent and systematic, through review and adjustments
of the respective limits by the relevant management bodies. Measures in this area are guided by
operational and control rules regulated by internal procedures and supervisory rules.
Positions recorded in Banif’s trading book include exchange rate risks, fixed rate and variable rate,
which are accounted for and revalued at market prices. In this area, the essential work has focussed on
covering risk in the most volatile assets, namely in flat rate products and exchange rates on operations
contracted with customers.
Interest rate risk is assessed periodically on the basis of repricing periods for assets and liabilities, and
risk remained within the stress limits approved by the regulatory authorities throughout the period.
The Bank conducts sensitivity analyses of interest rates, at regular intervals, measuring their impact,
in various scenarios, on the margin and on equity, in accordance with the recommendations of the
regulatory bodies.
c. Liquidity Risk
Levels of structural liquidity are managed in line with the value and timing of commitments accepted
and deposits obtained, by identifying gaps. The policies for obtaining funding from customers and
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from the market have assured stability in this area, with the liquidity gap and the cumulative gap within
the limits defined for the different periods.
In view of the increasing volatility of financial markets, as from September 2007, the liquidity situation
has been monitored more closely, in line with instructions issued by the Bank of Portugal.
d. Operating Risk
The Operating Risk management model defined for Banif is at an advanced stage of implementation.
Banif is equipped with the strategy, team, relationship model and working tools needed to manage
operating risk and to comply with best management practice in this area.
Responsibilities for detecting emerging risks and for mitigating them lie not only with the Operating
Risk team but also with the OP Managers, who are to be found at most of the Bank’s central and
sales units and who report critical events.
Other information sources are being prepared to transmit relevant information of relevant to Operating
Risk, including information from the Customers Complaints Office, the Audit Department, Accounts
and Organizational sectors (internal processes).
Self-assessment questionnaires are being prepared and key risk indicators are being defined for
monitoring the principal risks.
Additional training and awareness raising has been conducted on Operating Risk within Banif and
throughout the Group, in order to ensure that the entire structure is aware of the issue.
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10. COMPLIANCE
Compliance activities at Banif in 2007 focused throughout the year on setting up this function within
the Bank. The work carried on corporate compliance in conjunction with consultants from ATKearney,
in the context of the Group’s new governance model, has contributed to aligning the function within
Banif with the conclusions and resolutions adopted over the course of the year in this area.
Banif Compliance Area has therefore continued its work, taking part in various processes, including
the following during the first half of the year:
- Conclusion of the Articles of Association Project, started in 2006, relating to the reform of the legal
framework for companies (DL 76-A/2006) and undertaken in conjunction with the LD, with a view
to bringing the articles of association of Banif and other companies in the Banif Financial Group
into line with the new rules. This project culminated with approval of the new articles of
association at the respective general meetings, at the end of the first quarter;
- Follow-through of the initial phase – gap analysis – of the process of implementing the DMFI,
involving the working party set up internally for this purpose;
- Launch of the process of reviewing Banif’s Values and Conduct Manual, with a view to reasserting
values, principles and rules of concept to guide the behaviour of all staff. However, work on this
had to be temporarily halted in relation to initiatives by regulators, in order for efforts to continue
under the new regulatory framework, which was only enacted in early 2008.
The first half of the year was marked by the decision to move responsibility for Prevention of Money
Laundering to the Compliance Area, in the light of reflection on the advantages of this reassignment.
In the light of this decision, the various measures adopted during the second half included readjustment
of the department’s priorities, refocusing efforts and resources on the prevention of money laundering.
A formal Money Laundering Prevention Programme was drawn up, setting out Banif’s policy in this
field. This programme and policy will form the foundation for coherent efforts, in line with ethical,
regulatory and legal requirements. Also on this issue, work continued on developing tools for
monitoring activities, in line with the policy defined.
Reference should also be made to cooperation with the ID in connection with the opening of the London
branch, coordinating compliance and money laundering issues with the local manager appointed to
take responsible for these questions.
The Compliance Area was also requested to collaborate with the team implementing the IT and
organizational changes needed to allow Banif to comply with the requirements of the DMFI with regard
to client relationships, working in conjunction with the LD on drafting the documentation needed and
with the ID and the FD on matters concerning the Bank’s relationship with eligible counterparts.
In the field of training, the department worked with the HRD on redesigning the induction training
provided by the Bank. Compliance and prevention of money laundering have been included in this
training, with training modules ready for implementation as from 2008.
55
BUSINESS OPERATIONS OF BANIF - BANCO INTERNACIONAL DO FUNCHAL, SA IN 2007
_
11. AUDIT
Audit responsibilities are exercised within Banif by the Audit and Inspection Department (AID), which
plays an important role in assessing and validating the internal control instituted within the Bank.
As an integral part of the permanent monitoring system for internal control of the Bank, the Department
is responsible for independently verifying compliance with the regulations in force:
- striving to ensure compliance with internal rules and legal provisions, reporting facts and situations
which represent deviation from these rules;
- checking the quality of controls and security levels established in systems and information technology;
- regular audits of operations involving business risks.
Within the context of the organic growth experienced during 2007, and in order to consolidate its
work in all business areas in keeping with the Bank’s overall strategy, the AID employed new strategies
for the work of its operational teams, stepping up continuous monitoring with a focus on prevention,
through the use of technological resources in the field of information systems.
Work also proceeded on harmonizing procedures with the Inspection and Audit Office (IAO) at BBCA,
and on integrating the technology used. This has led to further standardization of internal audit
procedures within the Group and joint teams drawn from both institutions have been involved in audit
work in various geographical business areas.
The department’s success in achieving its aims, and in conducting at least one audit at every branch,
has provided a sound basis for assessing internal control and the level of efficiency achieved, enhancing
the preventive and educational impact of this work and extending the effective reach of audits.
Remote auditing, supported by continuous monitoring and control across the different commercial
structures has also helped to assess internal control and to check compliance with internal rules.
This has been achieved by using the best working tools (task automation and streamlining of audit
programmes) and by developing the skills of the relevant personnel through internal and external
training.
The annual activities plan includes the following types of audits:
- Audits of business units (Branches/Business Centres);
- Audits of Central Offices;
- Remoted auditing (continuous monitoring);
- Audits of the Information System.
The following audits were conducted in 2007:
Business units
Central offices
Remote audits
Information systems
56
Banif
337
12
64
16
BBCA
51
4
20
-
_
All audits were followed up, and the reports duly filed, once action had been taken to correct the
anomalies identified.
The work of the AID and the IAO therefore made an appropriate contribution to the internal control
systems in place in Banif and BBCA.
A quality audit was conducted during the year in order to achieve the aim set by the Bank of retaining
Quality Certification in the following service areas: e-banking (Banif@st), telephone banking and the
customer complaints office.
57
BUSINESS OPERATIONS OF BANIF - BANCO INTERNACIONAL DO FUNCHAL, SA IN 2007
_
12. CUSTOMER COMPLAINTS OFFICE
The Customer Complaints Office recorded a total of 907 complaints in 2007, double the number
recorded in 2006.
This increase is in line with the rest of the financial sector, showing that customers are increasingly
demanding in relation to value for money.
In addition, the provision of internet facilities and the existence of complaints books at all branches
has made it easier to lodge complaints, and also to make suggestions.
Of the 907 complaints filed with the Bank, our customers were found to be right in 45% of cases.
In all situations were the customer was found to be justified in complaining, and this was not due to
a one-off error, steps are always taken (preventive/corrective measures) to eliminate any underlying
causes.
In late 2007, the Banif Customer Complaints office obtained renewal of certification under NP EN
9001:2000.
This certification guarantees the continued provision of a high standard of service, perfectly in line
with the Bank’s strategic aims.
58
ANALYSIS OF THE FINANCIAL STATEMENTS
Analysis of the Financial Statements
_
The financial statements of Banif - Banco Internacional do Funchal, SA, for the financial years of 2007 and
2006, have been drawn up in accordance with the Adjusted Accounting Standards (AAS), under the terms
of Bank of Portugal Notice no. 1/2005. The AAS are based on the International Financial Reporting Standards
(IAS/IFRS), as adopted from time to time by Regulation of the European Union, with the following exceptions:
- valuation and provisions for lending, given that the Bank of Portugal has maintained the requirement for
the constitution of regulatory provisions under the terms of Notice 3/95;
- employee benefits, where there is a period for deferral of the impacts of transition to IAS/IFRS;
- the fair value option for valuation of tangible assets is eliminated, and these assets are to be kept at historical
cost.
However, for the purposes of analyzing economic performance, for the sake of international comparability
and also to demonstrate the contribution that Banif makes to the Group, it was decided to use accounting
data in accordance with the International Financial Reporting Standards (IAS/IFRS), the rules adopted by
Banif SGPS, the Group’s parent company, in preparing and presenting its consolidated financial statements.
To this end, the Banif has prepared pro-forma financial statements, on an IAS/IFRS basis, and the respective
indicators, presented in the table at the end of this section. These statements are directly comparable in the
periods in question and adequately reflect Banif’s contribution to the consolidated accounts of the Banif
Financial Group.
Accordingly, on an IAS/IFRS basis, we wish to draw attention to the following financial highlights:
- Net profits of 47.6 million euros, up by 29.3% on 2006;
- Shareholders’ equity stood at 376.1 thousand euros, representing growth of 24.0% over 2006; and
- Return on Equity stood at 14.0%, as compared with 12.31% in 2006.
On the basis of the AAS (Adjusted Accounting Standards), the profit for the period stood at 26.1 million
euros, representing a reduction of 24.8% in relation to the previous year. The main reason for this divergence
between the profit for the period as determined on an IAS/IFRS basis and the profit on an AAS basis is due
to the high level of the provisions for general and specific lending risks required by Bank of Portugal Notice
3/95. These provisions stood at 48.6 million euros in 2007 (26.2 million euros in 2006), whilst credit
impairment, on an IAS/IFRS basis, totalled only 20.7 million euros (23.3 million euros in 2006).
Income Statement
The financial margin, including earnings on equity instruments, grew by 14.6% on 2005, standing at
157.1 million euros, thanks to increased lending, despite the negative effect of a reduction of 21 b.p. (3.12%
at the end of 2007 as against 3.33% at year-end 2006) in the financial brokerage margin. However, this
contraction was experienced more in respect of lending (down 39 b.p.), as a result of competition, especially
in mortgage lending, than in the margin on deposits (up by 18 b.p.), which benefited from rising interest
rates.
Profits on financial operations grew by 64.1% in 2007 over the previous year, standing at 7 million
euros, This growth was due primarily to the realization of capital gains of 14.6 million euros on
available-for-sale financial assets, thanks to disposal of the holding in Cabo TV Madeirense (+13.4
million euros) and a loss of 8.4 million euros on the transfer of credit over Metalsines, which is no
longer included in the Group’s consolidated accounts.
68
_
_
Other net income, including commissions on services and reimbursement of expenses, stood at 66.4
million euros, up by 23.8%, when compared with 2006, reflecting the expansion of the range of
financial products and services and efficiency in collecting commissions on services provided. This
item represented 28.8% of banking revenues at year-end 2007, as compared to 27.5% in 2006.
Growth was also recorded in banking revenues, comprising the financial margin, profits on financial
operations and commissions and other net profits. These revenues stood at more than 230.4 million
euros, up by 18.2% on the previous year.
Transformation costs (personnel costs, overheads and depreciation) stood at 143.8 million euros, up
by 15.9% on 2006, reflecting expansion of the Bank’s organizational structure. Personnel costs stood
at 75,2 million euros were up by 18.3% on the previous year, due in part to the recruitment of a further
335 employees, bringing the workforce up to a total of 1,996 at the end of the year. Overheads stood
at 59.6 million euros, up by 12.8% on 2006, due in particular to the cost of expanding the network
of branches in 2007, with 35 new branches opening, development of technological projects and
control of operating risks, as well as advertising costs. Depreciation rose by 18.9%, also as the result
of investment in expansion of the branch network.
Despite the increase in costs, growth in banking revenues meant that the cost to income ratio reflected
an efficiency gain of 1.21 p.p., down from 63.63% in 2006 to 62.42% in 2007.
Operating cash flow stood at 95.6 million euros at the end of 2007, up by 21.9% when compared
with the figure recorded in 2006.
Net provisions and impairment, calculated under IAS/IFRS rules, as explained in the introductory
note, totalled 23.0 million euros at the end of 2007, in line with the figure recorded in the previous
year, thanks to a continued prudent and careful policy of risk management, despite the gloomy trends
in the economic situation.
Thanks to this performance, the net profits after tax of Banif - Banco Internacional do Funchal, SA stood at
47.6 million euros, on an IAS/IFRS basis, up by 29.3% when compared with the figure of 36.8 million
euros recorded at the end of 2006.
Balance Sheet
The balance sheet reveals significant growth in net assets, which stood at 7,776.3 million euros at the end
of 2007, up by 16.7% on the previous year.
The main asset item, loans and advances to customers (gross), stood at 6,493.9 million euros, up by 20.6%
on the end of 2006. This was due in part to growth of 26.8% in mortgage lending, excluding securitized
lending, representing at the end of 2007 56.2% of total lending to private customers, excluding securitized
lending. (see table on next page)
Despite the less favourable economic situation, careful selection and monitoring of credit risks has made it
possible to maintain good quality standards in the loans portfolio, reflected by a ratio of “Impairment/Total
lending” of 2.48% (2.56% in 2006) and a ratio of “Outstanding Credit/Total Lending” of 1.84% at the
end of 2007 (1.76% in 2006).
69
ANALYSIS OF THE FINANCIAL STATEMENTS
_
The portfolio of financial assets at fair value through profit or loss grew by 28.7 million euros, thanks to
acquisition of securities issued by non-residents, with a value of 28.1 million euros.
For its part, the portfolio of available-for-sale financial assets decreased by 17.7 million euros, due primarily
to disposal of the holding in Cabo TV Madeirense.
(Million Euros)
2007
2006
VARIATION
3,231.6
2,763.2
17.0%
Home Loans
of which Securitized
1,781.6
256.7
1,519.9
317.7
17.2%
-19.2%
Consumer Credit
of which Securitized
1,190.9
2.4
915.5
10.1
30.1%
-76.2%
CORPORATE
3,305.6
2,792.3
18.4%
Lending
1,183.1
923.6
28.1%
73.7
35.1
110.0%
2,048.6
1,833.6
11.7%
216.0
158.6
36.2%
6,493.9
5,386.3
20.6%
(161.1)
(137.7)
17.0%
6,332.8
5,248.6
20.7%
PRIVATE CLIENTS
Commercial Paper
Other
OTHER
TOTAL GROSS LOANS AND ADVANCES
Credit Impairment
TOTAL NET LENDING
70
_
Other tangible assets were up by 40.2% at 41.2 million euros, due to investment in the acquisition of
equipment works on the facilities for the 35 new branch offices opened during the year.
(Million Euros)
2007
2006
VARIATION
3,648.1
3,059.0
19.3%
Sight
1,016.0
1,047.1
-3.0%
Term
2,411.0
1,853.1
30.1%
221.1
158.8
39.2%
Customer Deposits
Savings
In terms of funding, we should draw attention to the growth in customer deposits, which totalled 3,648.1
million euros, up by 19.3% over the period, corresponding almost exactly to the growth in lending. This
significant growth was due to an increase of 30.1% in term deposits (up by 557.9 million euros), due to
campaigns to bring in deposits through innovative products and competitive rates.
The account for financial liabilities at fair value through profit or loss, which stood at 63.5 million euros at
the end of 2007, was down by 38.9 million euros as a result of reimbursement of two issues: Cash Bonds
– Banif SFE Dollar Invest 2004-2009, with a value of 15 million dollars, repaid early on the Bank’s initiative,
and Banif Range Accrual 2005-2007, with a value of 25 million euros.
In the course of 2007, the Bank contracted a subordinated loan of 50 million euros, granted by Banif
Finance, and repaid subordinated loans of 24.9 million euros. As a result, the account for other subordinated
liabilities was up by 11.8%, at 238 million euros.
The Bank’s equity, calculated on an IAS/IFRS basis, stood at 376.1 million euros at the end of 2007,
up by 24.0% on the end of 2006, due primarily to the increase of 21.8 million euros in the account for
other reserves and retained earnings (profits from 2006 not distributed) and to the provision of
supplementary capital, of 50 million euros, by Banif Comercial SGPS.
As a result of this increase in equity, the solvency ratio, calculated under Bank of Portugal rules, rose to
10.18% at the end of 2007, as compared with 9.75% at the end of 2006, despite the significant expansion
in business activity. The Tier I ratio stood at 5.60% (5.33% in 2006), identical to Core Tier I.
The solvency ratio, calculate don a consolidated basis for Banif and Banif Finance Ltd., a company
controlled by Banif and engaged in debt issue, on an IAS/IFRS basis, determined in accordance with the
Basle I definitions, stood at 13.29% at year-end 2007 (10.41% in 2006), whilst the Tier I ratio stood
at 7.70% (6.83% in 2006) and Core Tier I at 6.41% (5.9% in 2006).
The net profits recorded by the Bank, of 47.6 million euros, provided in 2007 an ROE of 14.0%, as
compared to 12.31% in 2006, and an ROA of 0.66% in 2006, both calculated at average values for the
Bank’s equity and assets.
71
ANALYSIS OF THE FINANCIAL STATEMENTS
Comparative Analysis, on an IAS/IFRS basis:
(Thousand Euros)
VARIATION
BALANCE SHEET
31-12-2007
31-12-2006
ABSOLUTE
%
Net Assets
7,776,292
6,665,599
1,110,693
16.7%
Loans and advances to Customers (gross)
6,493,937
5,386,386
1,107,551
20.6%
Customer deposits (including Liabilities rep. by Securities)
3,779,078
3,247,279
531,799
16.4%
376,107
303,368
72,739
24.0%
Equity
VARIATION
INCOME STATEMENT
31-12-2007
31-12-2006
ABSOLUTE
%
157,070
137,035
20,035
14.6%
6,956
4,240
2,716
64.1%
66,390
53,607
12,783
23.8%
230,416
194,882
35,534
18.2%
(134,777)
(116,398)
(18,379)
15.8%
Cash-flow
95,639
78,484
17,155
21.9%
Depreciation for the Period
(9,044)
(7,608)
(1,436)
18.9%
(23,030)
(23,803)
773
-3.2%
63,565
47,073
16,492
35.0%
(15,997)
(10,281)
(5,716)
55.6%
47,568
36,792
10,776
29.3%
Financial Margin
Profits on Financial Operations
Other Income
Banking Revenues
Administrative Costs
Provisions / Impairment
Pre-tax Profits
Tax
Profits for the Period
(continues)
72
(continuation)
VARIATION
OTHER INDICATORS
31-12-2007
31-12-2006
ABSOLUTE
%
Credit impairment/Total Lending
2.48%
2.56%
Pre-tax profits / Average net assets
0.88%
0.71%
Banking revenues / Average net assets
3.19%
3.15%
Pre-tax profits / Average equity
18.71%
15.70%
Cost-to-income
62.42%
63.63%
Personnel costs / Banking revenues
32.64%
32.62%
ROE
14.00%
12.31%
ROA
0.66%
0.56%
13.29%
10.41%
7.70%
6.83%
5,598,713
4,723,537
875,176
18.5%
1,996
1,661
335
20.2%
228
193
35
18.1%
31-12-2007
31-12-2006
ABSOLUTE
%
Outstanding Credit / Total lending
1.84%
1.76%
Net Outstanding Credit / Total net lending
0.55%
0.45%
237.80%
294.19%
10.18%
9.75%
5.60%
5.33%
5,575,107
4,784,904
790,203
16.5%
Solvency Ratio (Banif + Banif Finance)
Core Tier 1 (Banif + Banif Finance)
Weighted Total Assets (Banif + Banif Finance)
Workforce
No. of Bank branches
OTHER INDICATORS AS PER INSTRUCTION 16/2004
OF THE BANK OF PORTUGAL
Provisions for Lending / Outstanding Credit
Solvency Ratio
Core Tier 1
Weighted Total Assets
VARIATION
73
ALLOCATION OF PROFITS
Allocation of Profits
_
Whereas:
1. Banif - Banco Internacional do Funchal, SA recorded profits of EUR 26,072,522.92 as a result
of its operations in 2007.
2. It has been the Company’s policy to distribute dividends offering an adequate return to shareholders,
in the light of the profits obtained and the need to fund operations.
3. All provisions of the law and the articles of association, namely articles 32 and 33 of the Companies
Code, and article 97 of the General Rules on Credit Institutions and Finance Companies, have been
complied with.
The Board of Directors proposes that:
Under the terms and for the purposes of paras. 1 b) and 2 of Article 376 of the Companies Code, the profits
be distributed as follows:
To Legal Reserve
Distribution of Dividends
To Free Reserves
TOTAL
(*) Dividend of EUR 0.31 per share.
78
EUR
2,607,252.29
EUR 14,880,000.00 (*)
EUR
EUR
8,585,270.63
26,072,522.92
ACKNOWLEDGEMENTS
Acknowledgements
_
As a result of the alterations to articles 413 and 414 of the Companies Code, introduced by DecreeLaw 76-A/2006, of 29 March, resignations were tendered by the officers of the General Meeting, Prof.
António Soares Pinto Barbosa (Chairman), by letter of 21 December 2007, Comendador Jorge de Sá
(Secretary), by letter of 2 March 2007, and Dr. José Lino Tranquada Gomes (Secretary), by letter of
5 March 2007, and also by the members of the Audit Board, Ernst & Young Audit & Associados Sociedade de Revisores Oficiais de Contas, SA, full member, represented by Dr. Alfredo Guilherme da
Silva Gândara, by letter of 9 March 2007 and Dr. João Carlos Miguel Alves, alternate member, by
letter of 9 March 2007.
On 21 March 2007, the Director, Dr. José Eduardo Nunes de Melo, resigned from office.
At the company’s Annual General Meeting, held on 30 March 2007, the following officers were elected,
to hold office until the end of the current term:
- For the General Meeting, Prof. Luís Manuel Moreira de Campos e Cunha (Chairman), Dr. João
Manuel Figueira da Silva Santos (Secretary) and Dr. Miguel José Luís de Sousa (Secretary);
- For the Audit Board, Dr. António Ernesto Neto da Silva (full member) and Dr. José Lino Tranquada
Gomes (alternate member);
On 26 April 2007, the Board of Directors voted to co-opt Eng.º Diogo António Rodrigues da Silveira.
By letter of 31 May 2007, Dr. Artur Manuel Pires Chambel resigned as director.
On 15 June 2007, Dr. José Luís Pereira de Macedo resigned as full member of the Audit Board, and
Dr. José Lino Tranquada Gomes was designated to replace him on 5 July 2007.
On 12 July 2007, Dr. João Manuel Figueira da Silva Santos resigned from office as Secretary of the
General Meeting.
On 25 September 2007, Dr. Artur de Jesus Marques resigned from the office of director.
The company officers are therefore as follows:
GENERAL MEETING
Chairman:
Secretary:
82
Prof. Doutor Luís Manuel Moreira de Campos e Cunha
Dr. Miguel José Luís de Sousa
_
BOARD OF DIRECTORS
Chairman:
Vice Chairman
Vice Chairman
Comendador Horácio da Silva Roque
Dr. Joaquim Filipe Marques dos Santos
Dr. Carlos David Duarte de Almeida
Dr. António Manuel Rocha Moreira
Dr. Manuel Isidoro Martins Vaz
Dr. José Marques de Almeida
Dr. José António Machado de Andrade
Dr. João Manuel da Silva Machado dos Santos
Eng.º Diogo António Rodrigues da Silveira
AUDIT BOARD
Chairman:
Full members:
Alternate member:
Prof. Doutor Fernando Mário Teixeira de Almeida
Dr. António Ernesto Neto da Silva
Dr. José Lino Tranquada Gomes
Dr. José Pedro Lopes Trindade
In concluding their report on operations in 2007, the Directors would like to thank the Audit Board
for their support and cooperation over the course of the year.
Lisbon, 28 February 2008
THE BOARD OF DIRECTORS
Horácio da Silva Roque – Chairman
Joaquim Filipe Marques dos Santos – Vice Chairman
Carlos David Duarte de Almeida – Vice Chairman
Dr. António Manuel Rocha Moreira
Dr. Manuel Isidoro Martins Vaz
Dr. José Marques de Almeida
Dr. José António Machado de Andrade
Dr. João Manuel da Silva Machado dos Santos
Engº Diogo António Rodrigues da Silveira
83
FINANCIAL STATEMENTS
Financial Statements
1. Balance Sheet as at 31 December 2007 and 2006
(Thousand Euros)
31-12-06
31-12-07
NOTES
VALUE BEFORE
PROVISIONS AND
DEPRECIATION
IMPAIRMENT
AND
DEPRECIATION
NET
NET
Cash and balances at central banks
5
228,599
-
228,599
283,168
Due from other banks
6
59,806
-
59,806
53,379
Trading securities
7
3,802
-
3,802
3,829
8
82,103
-
82,103
53,357
9,18
12,505
(392)
12,113
30,979
Other financial assets at fair value through profit or loss
Available-for-sale financial assets
10,18
861,160
(6)
861,154
827,892
11
6,422,133
(83,155)
6,338,978
5,272,818
Held-to-maturity investment securities
-
-
-
-
Securities subject to repurchase agreements
-
-
-
-
Loans and advances to banks
Loans and advances to customers
Derivatives held for hedging
Available-for-sale non-current assets
-
-
-
-
12,18
53,612
(4,813)
48,799
50,432
-
-
-
-
13
83,795
(42,608)
41,187
29,362
14
30,254
(23,391)
6,863
9,331
15,18
24,945
(2,802)
22,143
22,142
Investment property
Other tangible assets
Intangible assets
Investments in associates and affiliates excluded from Cons. Acc.
Current tax assets
16
467
-
467
467
Deferred tax assets
16
20,738
-
20,738
9,390
17,18
73,244
(2,615)
70,629
53,520
7,957,163
(159,782)
7,797,381
6,700,066
Other assets
TOTAL ASSETS
(continues)
86
(Thousand Euros)
(continuation)
31-12-06
31-12-07
NOTES
VALUE BEFORE
PROVISIONS AND
DEPRECIATION
IMPAIRMENT
AND
DEPRECIATION
NET
NET
Deposits from central banks
19
-
-
-
-
Trading liabilities
20
-
-
12,414
6,565
Financial liabilities at fair value through profit or loss
21
-
-
63,493
102,376
Deposits from other banks
22
-
-
3,007,242
2,468,998
Customer accounts and other loans
23
-
-
3,648,096
3,059,011
Debt securities in issue
24
-
-
67,489
85,892
Financial liabilities linked to transferred assets
-
-
260,055
334,275
Derivatives held for hedging
-
-
-
-
-
-
-
-
Provisions
25
-
-
57,765
43,548
Current tax liabilities
16
-
-
11,761
4,983
Deferred tax liabilities
16
-
-
1,933
5,469
Available-for-sale non-current liabilities
-
-
-
-
Other subordinated liabilities
26
-
-
237,960
212,858
Other liabilities
27
-
-
82,650
79,479
-
-
7,450,858
6,403,454
240,000
240,000
Instruments representing capital
TOTAL LIABILITIES
Share capital
28
-
-
Issue premiums
28
-
-
451
451
Other equity instruments
28
-
-
50,000
-
Revaluation reserves
28
-
-
(80)
9,750
Other reserves and retained earnings
28
-
-
30,079
11,703
-
-
-
-
-
-
26,073
34,708
(Interim dividends)
-
-
-
-
TOTAL EQUITY
-
-
346,523
296,612
TOTAL LIABILITIES + EQUITY
-
-
7,797,381
6,700,066
(Treasury shares)
Profit for the period
The Accountant
28
The Board of Directors
87
FINANCIAL STATEMENTS
2. Income Statement as at 31 December 2007 and 2006
(Thousand Euros)
31-12-07
31-12-06
NOTES
NCA
NCA
Interest and similar income
29
505,215
384,291
Interest and similar expense
29
(352,481)
(249,380)
152,734
134,911
3,229
2,124
Net interest income
Dividend income
30
Fees and commission income
31
50,773
41,482
Fees and commission expense
31
(4,848)
(6,124)
Income from assets and liabilities valued at fair value through profit or loss
32
418
972
Income from available-for-sale financial assets
32
13,909
2,493
Foreign exchange income
32
1,076
775
Income from disposal of other assets
33
(8,447)
-
Other operating income
33
Operating revenue
18,276
194,909
Personnel costs
34
(75,113)
(63,562)
Overheads
35
(59,579)
(52,836)
13,14
(9,044)
(7,608)
Provisions net of reinstatement and write-offs
25
(10,305)
(6,013)
Value adjustments related to loans and advances to customers and
receivables from other debtors (net of reinstatement and write-offs)
11
(40,111)
(20,459)
Impairment of other financial assets net of reversals and recovery
18
(50)
855
Impairment of other assets net of reversals and recovery
18
(499)
(1,043)
34,608
44,243
Depreciation in the period
Profits before tax
(8,535)
(9,535)
Current
16
(19,449)
(9,542)
Deferred
16
10,914
7
26,073
34,708
Taxes
Profits after tax
Of which: Profits after tax on discontinued operations
Net profit for the period
Number of shares in circulation
Profits per share (€/ share)
The Accountant
88
20,465
229,309
36
-
-
26,073
34,708
48,000,000
48,000,000
0.54
0.72
The Board of Directors
3. Statement of Changes in Shareholders’ Funds
31 December 2007 and 2006
Balances as at 31.12.2006 (BSAP)
(Thousand Euros)
NOTE
CAPITAL
TREASURY
SHARES
ISSUE
PREMIUMS
REVALUATION
RESERVES
OTHER
RESERVES
RETAINED
EARNINGS
PROFIT FOR
THE PERIOD
TOTAL
28
240,000
-
451
-
9,750
11,703
34,708
296,612
-
-
-
-
19,708
(19,708)
-
(15,000)
(15,000)
Allocation of 2006 net profit
Transfer to reserves
Dividend
-
-
-
-
-
28
-
-
-
50,000
-
50,000
28
-
-
-
-
(13,319)
-
(13,319)
28
-
-
-
-
3,489
-
3,489
Net profit for the period
-
-
-
-
-
-
Transitory regimen notice no. 12/2001
-
-
-
-
-
(1,332)
240,000
-
451
50,000
(80)
30,079
26,073
346,523
240,000
-
451
-
8,848
7,464
26,105
282,868
-
-
-
-
-
5,530
(5,530)
-
Supplementary installment
Available-for-sale financial assets
Gains and losses not realized in the period
Reserves for deferred taxes
Reversals during period
Balances as at 31.12.2007
-
28
Balances as at 31.12.2005 (BSAP)
26,073
26,073
(1,332)
Allocation of 2006 net profit
Transfer to reserves
Dividend
-
-
-
-
-
-
(19,200)
(19,200)
Ditribution for the employees
-
-
-
-
-
-
(1,375)
(1,375)
-
-
-
-
1,254
-
-
1,254
-
-
-
-
-
(352)
Available-for-sale financial assets
Gains and losses not realized in the period
-
-
-
-
-
Reversals during period
-
-
-
-
(352)
Net profit for the period
-
-
-
-
-
-
34,708
34,708
Transitory regimen notice no. 12/2001
-
-
-
-
-
(1,291)
-
(1,291)
240,000
-
451
9,750
11,703
34,708
296,612
Reserves for deferred taxes
Balances as at 31.12.2006
The Accountant
28
The Board of Directors
89
FINANCIAL STATEMENTS
4. Cash Flow Statement for Financial Year ended 31 December 2007 and 2006
(Thousand Euros)
NOTE
31-12-07
31-12-06
Net profit for the period
28
26,073
34,708
Value adjustments related to credit
11
40,111
20,459
Impairment of overdue credit
18
549
188
Provisions for the period
25
10,305
6,013
13,14
9,044
7,608
8,535
9,536
(3,229)
(2,124)
10,610
6,118
101,998
82,506
OPERATING ACTIVITIES:
Operating results:
Depreciation for the period
Allocations to taxes for the period
Dividends
30
Interest paid on subordinated bonds
Changes in Operating Assets and Liabilities:
(Increase)/Decrease in trading assets
7
27
5,968
(Increase)/Decrease in financial assets at fair value through profits
8
(28,746)
179,231
(Increase)/Decrease in available-for-sale financial assets
(Increase)/Decrease in loans and advances to other banks
(Increase)/Decrease in loans and advances to customers
(Increase)/Decrease in non-current assets held for sale
9,18
18,784
4,260
10,18
(33,231)
(390,193)
11
(1,079,184)
(657,755)
12,18
1,143
1,789
(42,901)
(19,234)
(Decrease)/Increase in trading liabilities
19
5,849
(1,455)
(Decrease)/Increase in other financial liabilities at fair value through profits
20
(40,107)
6,256
(Decrease)/Increase in deposits from other banks
21
538,244
274,075
(Decrease)/Increase in customer deposits
22
589,084
435,038
(Decrease)/Increase in liabilities represented by securities
23
(17,179)
(12,109)
(Decrease)/Increase in financial liabilities linked to transferred assets
24
(74,220)
(58,496)
(13,123)
(5,486)
(Increase)/Decrease in other assets
(Decrease)/Increase in other liabilities
Tax on income
Net cash from operating activities
(16,639)
(7,319)
(192,199)
(245,430)
(90,201)
(162,924)
(continues)
90
(Thousand Euros)
(continuation)
NOTE
31-12-07
31-12-06
Purchase of tangible assets
13
(17,319)
(13,658)
Depreciation of tangible assets
13
5,494
4,701
Purchase of intangible assets
14
(1,082)
(5,405)
Depreciation of intangible assets
14
3,550
2,906
INVESTING ACTIVITIES
Dividends received in the period
Net cash from investing activities
1,923
2,124
(7,434)
(9,332)
FINANCING ACTIVITIES
Dividends paid
28
(15,000)
(19,200)
Issue of subordinated liabilities
26
25,103
74,847
(10,610)
(6,118)
50,000
-
Interest paid on subordinated bonds
Supplementary installment
28
49,493
49,529
(48,142)
(122,727)
5,6
336,547
459,274
-
-
5,6
288,405
336,547
(48,142)
(122,727)
Net cash from financing activities
CHANGES IN CASH AND CASH EQUIVALENTS
Cash and cash equivalents at start of period
Effect of exchange rate changes on cash and cash equivalents
Cash and cash equivalents at end of period
Balance sheet value of cash and cash equivalents, at 31 december
Cash
5
43,348
36,794
Sight deposits in central banks
5
185,251
246,374
Sight deposits in other banks
6
24,351
15,141
Cheques receivable
6
35,455
38,238
288,405
336,547
-
-
Cash and cash equivalents not available for use by the entity
The Accountant
The Board of Directors
91
ADDITIONAL DISCLOSURES
Additional Disclosures
1. DISCLOSURE REQUIRED BY ART. 447 OF THE COMPANIES CODE
Information on movements in shares and bonds during the financial year of 2007, as required by the
provisions of Article 447 of the Companies Code.
BOARD OF DIRECTORS
COMENDADOR HORÁCIO DA SILVA ROQUE
At 31/12/2007, personally held 779,100 shares in Banif - SGPS, SA
At year-end 2007, holder of more than half the share capital in Rentipar Financeira, SGPS, SA, which held
more than half the share capital of Renticapital - Investimentos Financeiros, SA and of Vestiban - Gestão e
Investimentos, SA.
Rentipar Financeira, SGPS, SA held 121,491,520 shares and 100,000 2003/2008 bonds issues by Banif
SGPS, SA.
Renticapital - Investimentos Financeiros, SA, held 24,960,340 shares in Banif SGPS, SA.
Vestiban - Gestão e Investimentos, SA, held 8,643,325 shares in Banif SGPS, SA.
Espaço Dez - Sociedade Imobiliária, Lda., in which he indirectly had a majority holding, held 159,375
shares in Banif SGPS, SA.
At 31 Dezembro 2007, held 1 share in Banif - Banco Internacional do Funchal (Brasil), SA, 1 share in Banif
Banco de Investimento (Brasil), SA and 1 share in Banif Corretora de Valores e Câmbio, SA, (non-voting
preference shares).
Dr. JOAQUIM FILIPE MARQUES DOS SANTOS
At 31/12/07 held 679,220 shares in Banif SGPS, SA, having acquired shares in the company during
the year as follows:
- on 17/08/2007, 10,000 shares, for a total price of € 48,895.30;
- on 22/11/2007, 100,000 shares, for a total price of € 399,995.00;
- on 21/12/2007, 50,000 shares, for a total price of € 204,000.00;
- on 31/12/2007, 40,000 shares, for a total price of € 158,581.54.
At 31/12/2007 held 1 share in Banif - Banco Internacional do Funchal (Brasil), SA, 1 share in Banif Banco de Investimento (Brasil), SA and 1 share in Banif - Corretora de Valores e Câmbio, SA (non-voting
preference shares).
172
Dr. CARLOS DAVID DUARTE DE ALMEIDA
At 31/12/2007 held 50,100 shares in Banif SGPS, SA, having acquired 50,000 shares on 31/12/2007,
for a total price of € 203,500.00.
Also held 1 share in Banif Banco Internacional do Funchal (Brasil) SA, 1 share in Banif - Banco de Investimento
(Brasil) SA and 1 share in Banif Corretora de Valores e Câmbio, SA (non-voting preference shares).
Dr. ANTÓNIO MANUEL ROCHA MOREIRA
At 31/12/2007 held 44,205 shares in Banif SGPS, SA, having acquired 2,500 shares in the company
on 15 November 2007, for a price of € 4.53 per share, through Banif - Banco Internacional do
Funchal, SA.
Dr. MANUEL ISIDORO MARTINS VAZ
At 31 December 2007 held 41,705 shares in Banif SGPS, SA and 25,000.00 in Banif SGPS, SA
2003/2008 bonds, which he had already held at the end of the previous year.
Dr. JOSÉ MARQUES DE ALMEIDA
At 31 December 2007 held 568,845 shares in Banif SGPS, SA and 50,000 Banif SGPS, SA 2003/2008
bonds which he had already held at 31/12/2006. He also held 40 shares in Banif Finance, Ltd., subscribed
on 28/12/2007 for € 40,000.00.
Dr. JOSÉ ANTÓNIO MACHADO DE ANDRADE
At 31 December 2007 held 10,000 shares in Banif SGPS, SA, acquired on 28 December 2007, at a unit
price of € 4.01.
AUDIT BOARD
Prof. FERNANDO MÁRIO TEIXEIRO DE ALMEIDA
At 31 December 2007 held no shares in Banif SGPS, SA, and in 2007 traded in no shares or securities
issued by Banif SGPS, SA. At 31 December 2007, 160,715 shares in Banif SGPS, SA – already held at 31
December 2006 – were held by the family company Quinta do Sourinho - Agricultura e Turismo, Lda,
owned by the officer in question, his wife and children.
173
ADDITIONAL DISCLOSURES
Dr. JOSÉ LINO TRANQUADA GOMES
At 31 December 2007 held the following bonds: Banif Eurostoxx 2010, € 25,000; Banif SGPS – TV08,
€100,000; Euro Inv Flt Maio 09, € 100,000 and Euro Inv Outubro 2012, € 100,000, these last having
been subscribed on 22/10/2007.
The members of the Board of Directors and the Audit Board referred to above hold office in other companies
as follows:
BOARD OF DIRECTORS
COMENDADOR HORÁCIO DA SILVA ROQUE
A) Companies in the Rentipar Financeira SGPS, SA Group
Chairman of the Board of Directors
- Rentipar Financeira SGPS, SA
- Banif SGPS, SA
- Banif Comercial SGPS, SA
- Banco Banif e Comercial dos Açores, SA (former - Banco Comercial dos Açores, SA)
- Banif - Banco Internacional do Funchal (Brasil), SA
- Banif - Banco de Investimento (Brasil), SA
- Banif Corretora de Valores e Câmbio, SA
- Banif (Açores) - SGPS, SA
- Banif Investimentos SGPS, SA
- Banif - Banco de Investimento, SA
- Banif International Holdings, Ltd.
- Companhia de Seguros Açoreana, SA
- Renticapital - Investimentos Financeiros, SA
- Rentipar Investimentos SGPS, SA
Chairman of the General Meeting
- Banif Go, SA (ex - Banif Leasing, SA) (representing Rentipar Financeira SGPS, SA)
- Banif Rent, SA (representing Rentipar Financeira SGPS, SA)
- Banif - Banco Internacional do Funchal (Brasil), SA
- Banif - Banco de Investimento (Brasil), SA
- Banif Corretora de Valores e Câmbio, SA
- Banif Gestão de Activos - Sociedade Gestora de Fundos de Investimento Mobiliário, SA (representing
Rentipar Financeira SGPS, SA)
- Banif Capital - Sociedade de Capital de Risco, SA (representing Rentipar Financeira SGPS, SA)
- Banif Imobiliária, SA (representing Rentipar Financeira SGPS, SA)
174
- SIP - Sociedade Imobiliária Piedade, SA (representing Rentipar Financeira SGPS, SA)
- Gamma - Sociedade de Titularização de Créditos, SA
B) Other entities
Member of the Board of Directors or Management Board
- Rentipar Indústria SGPS, SA – (Chairman)
- Rentiglobo SGPS, SA – (Chairman)
- SIET - Sociedade Imobiliária de Empreendimentos Turísticos Savoi, SA – (Chairman)
- Soil, SGPS, SA – (Chairman)
- Rentimundi - Investimentos Imobiliários, SA – (Chairman)
- Investaçor Hoteis, SA – (Chairman)
- EMT - Empresa Madeirense de Tabacos, SA – (Vice Chairman)
- VITECAF - Fábrica de Rações da Madeira, SA – (Vice Chairman)
- RAMA - Rações para Animais, SA – (Vice Chairman)
- AVIATLÂNTICO - Avicultura, SA – (Vice Chairman)
- Fomentinvest SGPS, SA – (Member)
- Ronardo - Gestão de Empresas, Lda. – (Manager)
Officer of the General Meeting
- Genius - Mediação de Seguros, SA – (Chairman)
- Rentimedis - Mediação de Seguros, SA – (Chairman)
- Mundiglobo - Habitação e Investimentos, SA – (Chairman)
- Habiprede - Sociedade de Construções, SA – (Chairman)
- MS Mundi - Serviços Técnicos de Gestão e Consultoria, SA – (Chairman)
- EMT - Empresa Madeirense de Tabacos, SA – (Chairman)
- VITECAF - Fábrica de Rações da Madeira, SA – (Chairman)
- RAMA - Rações para Animais, SA – (Chairman)
- Investaçor SGPS, SA – Chairman
- SIET - Sociedade Imobiliária de Empreendimentos Turísticos Savoi, SA – (Vice Chairman)
- Rentipar Seguros SGPS, SA (Chairman)
Dr. JOAQUIM FILIPE MARQUES DOS SANTOS
A) Companies in the Rentipar Financeira SGPS, SA Group
Chairman of the Board of Directors
- Banif Go, Instituição Financeira de Crédito, SA
- Banif Rent - Aluguer, Gestão e Comércio de Veículos Automóveis, SA
- Banif - Banco Internacional do Funchal (Cayman), Ltd.
- BanifServ - Empresa de Serviços e Tecnologias de Informação, ACE
- Banif Finance, Ltd.
- Banif International Bank, Ltd.
175
ADDITIONAL DISCLOSURES
Chairman of the Executive Board and Vice Chairman of the Board of Directors
- Banco Banif e Comercial dos Açores, SA
Vice Chairman of the Board of Directors
- Banif SGPS, SA
- Banif - Banco Internacional do Funchal (Brasil), SA
- Banif - Banco de Investimento (Brasil), SA
- Banif - Corretora de Valores e Câmbio, SA
- Banif International Holdings, Ltd.
Member of the Board of Directors
- Banif Investimentos SGPS, SA
- Banif (Açores) - Sociedade Gestora de Participações Sociais, SA
- Banif Comercial SGPS, SA
Chairman of the General Meeting
- Vestiban - Gestão de Investimentos, SA
Chairman of the General Meeting and Member of the Remuneration Committee
- BCN - Banco Caboverdiano de Negócios, SA
B) Other entities
Member of Management Board
- Associação Portuguesa de Bancos (representing Banif - Banco Internacional do Funchal, SA)
Dr. CARLOS DAVID DUARTE DE ALMEIDA
A) Companies in the Rentipar Financeira SGPS, SA Group
Chairman of the Board of Directors
- Banif Forfaiting Company, Ltd..
- Banif Mortgage Company
- Banif Financial Services, Inc.
- Econofinance, SA
- Banif Forfaiting (USA) Inc.
- Banif Trading, Inc.
Vice Chairman of the Board of Directors
- Banif SGPS, SA
- Banif - Banco de Investimento, SA
- Banif Securities, Inc.
- Banco de la Pequeña y Mediana Empresa, SA, BANKPYME
176
- Banif International Bank, Ltd..
Member of the Board of Directors
- Banif Comercial SGPS, SA
- Banif Banco Internacional do Funchal (Brasil), SA
- Banif - Banco de Investimento (Brasil), SA
- Banif - Corretora de Valores e Câmbio, SA
- BBCA - Banco Banif e Comercial dos Açores, SA
- CSA - Companhia de Seguros Açoreana, SA
- Banif (Açores) - Sociedade Gestora de Participações Sociais, SA
- Banif Investimentos SGPS, SA
- Banif - Banco Internacional do Funchal (Cayman) Ltd.
- Banif Finance, Ltd.
- Banif International Holdings, Ltd.
- Banif Bank (Malta)
Dr. ANTÓNIO MANUEL ROCHA MOREIRA
A) Companies in the Rentipar Financeira SGPS, SA Group
Vice Chairman of the Board of Directors
- Banco Banif e Comercial dos Açores, SA
- BCN - Banco Caboverdiano de Negócios, SA
Member of the Board of Directors
- Banif Comercial SGPS, SA
- Banif - Banco Internacional do Funchal, SA
- Banif Rent - Aluguer, Gestão e Comércio de Veículos Automóveis, SA
- Banif Go, Instituição Financeira de Crédito, SA
- Banif (Açores) - Sociedade Gestora de Participações Sociais, SA
- Banif - Banco Internacional do Funchal (Cayman), Ltd.
- Banif Finance, Ltd.
- Banif International Bank, Ltd.
B) Other entities
Chairman of the Audit Board
- Cabo TV Madeirense, SA, representing Banif - Banco Internacional do Funchal, SA
Dr. MANUEL ISIDORO MARTINS VAZ
A) Companies in the Rentipar Financeira SGPS, SA Group
177
ADDITIONAL DISCLOSURES
Member of the Board of Directors
- Banco Banif e Comercial dos Açores, SA
- Banif Go - Instituição Financeira de Crédito, SA
- Banif Rent - Aluguer, Gestão e Comércio de Veículos Automóveis, SA
- Banif - Banco Internacional do Funchal (Cayman), Ltd.
- Banif International Bank, Ltd.
- Banca Pueyo, SA
Dr. JOSÉ MARQUES DE ALMEIDA
A) Companies in the Rentipar Financeira SGPS, SA Group
Director
- Banif SGPS, SA
- Rentipar Financeira SGPS, SA
Chairman of the Board of Directors
- Vestiban - Gestão e Investimentos, SA
B) Other entities
Chairman of the General Meeting
- Rentipar Investimentos SGPS, SA
Dr. JOSÉ ANTÓNIO MACHADO DE ANDRADE
A) Companies in the Rentipar Financeira SGPS, SA Group
Director
- Banco Banif e Comercial dos Açores, SA
B) Other entities
Director
- Cabo TV Madeirense, SA
Dr. JOSÉ MANUEL DA SILVA MACHADO DOS SANTOS
A) Companies in the Rentipar Financeira SGPS, SA Group
Director
178
- Banco Banif Comercial dos Açores, SA
Chairman of the Executive Board
- BanifServ - Empresa de Serviços e Tecnologias de Informação, ACE
Chairman of the General Meeting
- Banif (Açores) SGPS, SA, representing Banif - Banco Internacional do Funchal, SA
B) Other entities
Director
- SIBS - Sociedade Interbancária de Serviços, SA, representing Banif - Banco Internacional do
Funchal, SA
Eng.º DIOGO ANTÓNIO RODRIGUES DA SILVEIRA
A) Companies in the Rentipar Financeira SGPS, SA Group
Director
- Banco Banif e Comercial dos Açores, SA
- Banif Imobiliária, SA
- Sociedade Imobiliária Piedade, SA
- BanifServ, ACE, SA
AUDIT BOARD
Prof. FERNANDO MÁRIO TEIXEIRA DE ALMEIDA
A) Companies in the Rentipar Financeira SGPS, SA Group
Chairman of the Audit Board
- Banif SGPS, SA
- Banco Banif e Comercial dos Açores, SA
- Banif - Banco de Investimento, SA
- Companhia de Seguros Açoreana, SA
B) Other entities
Chairman of the General Meeting
- TV TEL - Comunicações, SA
179
ADDITIONAL DISCLOSURES
Dr. ANTÓNIO ERNESTO NETO DA SILVA
A) Companies in the Rentipar Financeira SGPS, SA Group
Member of the Audit Board
- Banif SGPS, SA
B) Other entities
Chairman of the Board of Directors
- Deimos Engenharia, SA
- Financetar - Sociedade de Serviços Financeiros, Empresariais e Imobiliários, SA
- Proprium - Mediação Imobiliária, SA
Dr. JOSÉ LINO TRANQUADA GOMES
A) Companies in the Rentipar Financeira, SGPS, SA Group
Member of the Audit Board
- Banif SGPS, SA
B) Other entities
Manager
- Tranquada Gomes & Coito Pita - Sociedade de Advogados;
- Imolapeira - Imobiliária da Madeira, Lda
- Freitas, Sales & Gomes - Empreendimentos Imobiliários, Lda
- Netanarium - Consultadoria e Gestão, Unipessoal, Lda
Vice Chairman of the General Meeting
- Cooperativa Agrícola do Funchal
180
Below we give information on shares and bonds of companies in the Banif
Financial Group traded and/or held during the financial year, by companies in
the same Group.
(Figures in euros, save as otherwise stated)
BANIF SGPS, SA
SECURITIES
POSITION 31-12-07
MOVEMENTS
OPERATION
DATE
QUANTITY
VALUE
Shares Banif - Investimentos, SGPS, SA
VALUE
1,750,000
8,728,963.20
47,488,000 239,324,646.71
Shares Banif Comercial, SGPS, SA
Shares Companhia de Seguros Açoreana, SA
Shares Banif - Imobiliária, SA
Shares Banco Caboverdiano de Negócios, SA
QUANTITY
985,375.25
122,000
1,604,483
Purchase
15-02-07
20-03-07
Shares Finibanco
Purchase
10-04-07
7,734,866
23,204,598
7,734,866
23,204,598
Warrants Finibanco
Purchase
10-04-07
1,174,187
23,204,598
1,174,187
23,204,598
Purchase 33,32% capital
04-06-07
49,980
2,353,775
7,734,866
2,353,775
Purchase 20% capital
05-07-07
18,304,754
25,626,656
18,304,754
25,626,656
Banca Pueyo, SA
Shares Bankpime
Shares Bankpime
Shares Inmobiliária Vegas Altas
Shares Cabo TV Madeirense
1,604,483
28,275,000.00
150,000
Const. 60% capital
Banif Bank (Malta) PLC
122,000
2,437,500
9,000,000
9,000,000
Purchase 7,5% capital
16-07-07
6,864,283
9,609,996
6,864,283
9,609,996
Purchase 33,33% capital
04-09-07
669
2,113,528
669
2,113,528
Purchase
31-12-07
89,408
14,081,760
89,408
14,081,760
BANIF COMERCIAL SGPS, SA
SECURITIES
POSITION 31-12-07
MOVEMENTS
OPERATION
DATE
QUANTITY
VALUE
QUANTITY
VALUE
16,000
19,651,707.22
Shares BCA - Banco Comercial dos Açores
10,378,473
70,887,516.58
Shares Banif - Banco Internacional do Funchal
48,000,000 240,451,057.67
Shares Banif Go
51,000
Shares Banif Rent
380,000. 00
9,000
120,000.00
Shares Banif Banco Internacional do Funchal (Brasil), SA
103,754,301
22,071,741.32
Shares Banif Banco Internacional do Funchal (Brasil), SA
18,555,928
3,950,118.29
25,000
25,000,000.00
Shares Banif Rent
Shares Banif International Bank, Ltd
Purchase
06-02-07
9,000
120,000.00
181
ADDITIONAL DISCLOSURES
BANIF - BANCO INTERNACIONAL DO FUNCHAL, SA
SECURITIES
POSITION 31-12-07
MOVEMENTS
OPERATION
DATE
QUANTITY
VALUE
Shares Banif Finance, Ltd
Shares Banif (Brasil), Ltda.
Shares Banif Açores SGPS
Shares Metalsines
Sale
31-12-07
929,905
1,111,610,593
Bonds Banif Cayman 1998/2008
QUANTITY
VALUE
1,000
679.30
30,000
11,554.91
4,016,983
22,130,174.98
0.00
1,500
10,189,525
BANCO BANIF E COMERCIAL DOS AÇORES, SA
SECURITIES
OPERATION
Fundo Fechado Banif Imogest
Banifundo Estratégia Agressiva
POSITION 31-12-07
MOVEMENTS
DATE
QUANTITY
VALUE
QUANTITY
22-02-07
9,975
33,422.24
435,104
Liquidation Fund
9,975
Banifundo Euro Acções
299,278
Fundo Banif Cayman-European Bond Fund
3,000
Fundo Banif Cayman-European Equity Fund
1,000
Fundo Banif Cayman-European Money Market Fund
3,000
Fundo Banif Cayman-Aggressive Strategy Fund
1,000
Fundo Banif Cayman-Balanced Strategy Fund
1,500
Fundo Banif Cayman-Brasilian Bond Fund
3,000
Fundo Banif Cayman-Brasilian EquityFund
1,000
Fundo Banif Cayman-Conservative Strategy Fund
2,000
Shares Investaçor, SA
Bonds Banif Range Accrual
Shares Banif Açor Pensões, SA
Shares Companhia de Seguros Açoreana, SA
Shares Comercial Açores Inc. - São José Califórnia
Shares Comercial Açores Inc. - Fall River
182
1,183,900
Final repayment
11-05-07
473
473,000.00
473
40,000
1,020,000
100
100,000
VALUE
BANIF (AÇORES) SGPS, SA
SECURITIES
POSITION 31-12-07
MOVEMENTS
OPERATION
DATE
QUANTITY
VALUE
QUANTITY
VALUE
5,000
1,250,000.00
950,000
950,000.00
Bonds Property FEIIF
74,000
74,000.00
Bonds EUR INV BAF BR DEZ09
75,000
75,000.00
Bonds TRADE INV FLT2007/10
7,153,000
7,153,000.00
Shares Habiprede
Bonds Açoreana TX VR DEZ17
CSA - COMPANHIA DE SEGUROS AÇOREANA, SA
SECURITIES
Bonds Banif BI 07/49 TV 28/05/2049 CALL 2017
POSITION 31-12-07
MOVEMENTS
OPERATION
DATE
Purchase
25-05-07
QUANTITY
VALUE
200,000.00
Bonds BCA 06/16 TV 23/10//2016 CALL 2011
Bonds Banif Açor Pensões SGFP
BANIF EURO SHARES
BANIF EURO BONDS TAXA FIXA
BANIF IMOGEST
QUANTITY
VALUE
200,000.00
200,000.00
1,800,000.00
1,800,000.00
108,000.00
890,604.57
45,031.00
135,642.38
64,064.00
402,828.03
257,879.00
8,533,809.23
BANCO INVESTIMENTOS SGPS, SA
SECURITIES
OPERATION
Quota-share Espaço Dez
POSITION 31-12-07
MOVEMENTS
DATE
QUANTITY
VALUE
QUANTITY
VALUE
1
1,358.39
Shares Banif - Banco de Investimento, SA
6,000,000
31,878,624.84
Shares Banif Comercial SGPS
8,512,000
50,220,800.00
Shares Banif (Cayman), Ltd
26,000,000
17,825,147.75
120,000
46,219.62
Banif Brasil, Ltda
Shares Banif Securities Holdings
Shares Banif International Bank, Ltd
Shares Banif - Banco de Investimento (Brasil), SA
2,108
1,497,342.44
24,975,000
24,975,000.00
129,272,627
10,791,000.22
183
ADDITIONAL DISCLOSURES
BANCO AÇOR PENSÕES, SA
SECURITIES
MOVEMENTS
OPERATION
DATE
QUANTITY
VALUE
Repayment
06/06/07
156,521
156,284.00
Banif Finance Cayman Pref. Shares 2004
Sale
25/05/07
100,000
100,000.00
Banif Finance Cayman Pref. Shares 2006
Purchase
28/05/07
250,000
250,000.00
Repayment
01/10/07
100,000
100,000.00
Subordinated Bonds Mundileasing 2007
Banco Banif Primus
QUANTITY / NOMINAL VALUE
AT 31-12-2007
250,000.00
BANIF INTERNATIONAL ASSET MANAGEMENT
SECURITIES
MOVEMENTS
OPERATION
DATE
QUANTITY
VALUE
Shares Banif Multifund, Ltd
100
NUMBER ONE, SGPS, SA
(USD)
SECURITIES
MOVEMENTS
OPERATION
Shares Banif International Asset Management, Ltd.
184
QUANTITY / NOMINAL VALUE
AT 31-12-2007
DATE
QUANTITY
VALUE
QUANTITY / NOMINAL VALUE
AT 31-12-2007
50,000
BANIF - BANCO INTERNACIONAL DO FUNCHAL (CAYMAN), LTD
SECURITIES
Bonds BANIF RANGE ACC USD LIB 3M 05/07 PTBAFJXE0000
Bonds BANIF SFE USD MULT ACT 2005/2010 PTBAIXE001
POSITION 31-12-07
MOVEMENTS
OPERATION
DATE
Purchase
QUANTITY
VALUE
18/01/07
29,000.00
28,710.00
Repayment
11-05-07
517,000.00
517,000.00
Transf. / Deposit
25/06/07
3,115,000.00
QUANTITY
0.00
0.00 3,115,000.00 USD
Bonds BANIF STEP UP 05/2010
Purchase
Bonds BANIF FIN FLT Ago.09
Purchase
15/01/07
210,000.00
210,735.00
Sale
14/02/07
43,000.00
43,150.50
Sale
08/03/07
2,000,000.00
2,007,600.00
Purchase
27/03/07
15,000,000.00
15,052,500.00
Purchase
16/04/07
300,000.00
301,200.00
Purchase
08/05/07
2,000,000.00
2,009,400.00
Purchase
08/05/07
2,000,000.00
2,009,400.00
Sale
15/06/07
460,000.00
462,116.00
Purchase
25/06/07
15,000,000.00
15,057,000.00
Purchase
06/07/07
5,500,000.00
5,525,300.00
Purchase
09/07/07
3,750,000.00
3,767,250.00
Purchase
12/07/07
2,370,000.00
2,380,902.00
Purchase
20/07/07
2,380,000.00
2,390,948.00
Purchase
24/07/07
1,350,000.00
1,356,210.00
Sale
10/08/07
500,000.00
501,200.00
21,432,000.00
500,000.00
500,000.00
0.00
74,000.00 USD
Bonds BANIF FIN FLT Dez.14
Purchase
Bonds BANIF FIN FLT DEZ49 XS0208508845
Purchase
19/03/07
5,000.00
5,162.50
Purchase
20/04/07
291,000.00
301,912.00
Purchase
25/05/07
1,725,000.00
1,791,412.50
Purchase
26/06/07
25,000.00
25,900.00
Sale
25/07/07
11,000.00
11,412.50
Sale
25/09/07
620,000.00
631,780.00
Sale
19/11/07
400,000.00
402,000.00
Sale
28/11/07
87,000.00
85,260.00
Sale
04/12/07
280,000.00
281,400.00
Sale
01/02/07
1,000,000.00
995,500.00
Sale
06/02/07
5,000,000.00
4,997,500.00
Sale
06/02/07
10,000,000.00
9,995,000.00
Sale
08/02/07
2,500,000.00
2,498,750.00
Bonds BANIF FIN FLT OUT08 XS023334372
VALUE
757,000.00
(continues)
185
ADDITIONAL DISCLOSURES
(continuation)
SECURITIES
Bonds BANIF FIN FLT DEZ2015 XS0239804445
Bonds BANIF FIN FLT NOV10 XS0273479914
Bonds BANIF FIN FLT PERP XS0280064204
POSITION 31-12-07
MOVEMENTS
OPERATION
DATE
QUANTITY
VALUE
Sale
12/02/07
7,595,000.00
7,591,202.50
Purchase
17/04/07
1,000,000.00
1,000,500.00
Purchase
08/05/07
2,500,000.00
2,502,000.00
Sale
13/04/07
1,000,000.00
1,000,000.00
Sale
13/04/07
2,800,000.00
2,800,000.00
Sale
08/06/07
2,000,000.00
1,990,000.00
Sale
14/06/07
5,000,000.00
5,000,000.00
Purchase
09/07/07
2,000,000.00
2,014,000.00
Purchase
16/07/07
1,718,000.00
1,730,026.00
Sale
17/07/07
4,183,000.00
4,212,281.00
Purchase
23/07/07
650,000.00
654,225.00
Purchase
13/02/07
7,000,000.00
6,995,100.00
Purchase
16/02/07
100,000.00
99,900.00
Purchase
02/04/07
500,000.00
499,600.00
Sale
16/06/07
13,000,000.00
12,990,900.00
Purchase
09/07/07
3,500,000.00
3,506,300.00
Purchase
12/07/07
3,950,000.00
3,957,110.00
Purchase
20/07/07
1,690,000.00
1,693,042.00
Purchase
24/07/07
1,740,000.00
1,743,132.00
Purchase
02/08/07
2,120,000.00
2,123,816.00
Purchase
24/08/07
2,500,000.00
2,495,000.00
Purchase
02/01/07
10,000,000.00
10,000,000.00
Sale
02/01/07
250,000.00
250,000.00
Sale
11/01/07
190,000.00
190,000.00
Sale
17/01/07
71,000.00
71,000.00
Sale
18/01/07
65,000.00
65,000.00
Sale
19/01/07
150,000.00
150,000.00
Sale
22/01/07
100,000.00
100,000.00
Sale
23/01/07
80,000.00
80,000.00
Sale
30/01/07
170,000.00
170,000.00
Sale
30/01/07
125,000.00
125,000.00
Sale
07/02/07
20,000.00
20,000.00
Sale
09/02/07
10,000.00
10,000.00
Purchase
12/02/07
50,000.00
50,025.00
QUANTITY
VALUE
3,500,000.00
650,000.00
15,500,000.00
(continues)
186
(continuation)
SECURITIES
POSITION 31-12-07
MOVEMENTS
OPERATION
DATE
QUANTITY
VALUE
Sale
14/02/07
150,000.00
150,000.00
Sale
14/02/07
15,000.00
15,000.00
Sale
01/03/07
1,300,000.00
1,300,000.00
Sale
27/02/07
68,000.00
68,000.00
Purchase
02/03/07
50,000.00
50,050.00
Purchase
06/03/07
150,000.00
150,150.00
Sale
07/03/07
75,000.00
75,000.00
Sale
07/03/07
60,000.00
60,000.00
Sale
08/03/07
645,000.00
645,000.00
Sale
09/03/07
100,000.00
100,110.00
Purchase
09/03/07
2,430,000.00
2,439,963.00
Sale
14/03/07
250,000.00
250,275.00
Sale
14/03/07
315,000.00
315,346.50
Purchase
20/03/07
400,000.00
402,000.00
Sale
20/03/07
1,000,000.00
1,001,200.00
Purchase
28/03/07
15,000.00
15,120.00
Sale
30/03/07
200,000.00
200,240.00
Sale
30/03/07
200,000.00
200,240.00
Sale
30/03/07
33,000.00
33,039.60
Sale
04/04/07
90,000.00
90,108.00
Sale
11/04/07
105,000.00
105,126.00
Sale
17/04/07
34,000.00
34,040.80
Sale
19/04/07
2,000,000.00
2,002,400.00
Sale
26/04/07
45,000.00
45,054.00
Purchase
02/05/07
170,000.00
1,702,720.00
Sale
03/05/07
170,000.00
170,229.50
Sale
03/05/07
2,000,000.00
2,002,700.00
Sale
09/05/07
1,000,000.00
1,001,300.00
Sale
09/05/07
1,000,000.00
1,001,300.00
Purchase
10/05/07
20,000.00
20,030.00
Sale
11/05/07
250,000.00
250,337.50
Sale
18/05/07
110,000.00
110,218.68
Sale
22/05/07
200,000.00
200,270.00
Purchase
25/05/07
1,925,000.00
1,999,112.50
QUANTITY
VALUE
(continues)
187
ADDITIONAL DISCLOSURES
(continuation)
SECURITIES
Bonds BANIF FIN FLT DEZ2016 XS0280064469
Bonds BANIF FIN FLT MAI12 XS0300795746
POSITION 31-12-07
MOVEMENTS
OPERATION
DATE
QUANTITY
VALUE
Sale
29/05/07
500,000.00
507,113.00
Purchase
30/05/07
25,000.00
25,475.00
Sale
04/06/07
1,000,000.00
1,014,226.00
Purchase
06/06/07
80,000.00
81,520.00
Sale
15/06/07
1,169,000.00
1,185,630.19
Purchase
02/07/07
20,000.00
20,380.00
Purchase
24/09/07
3,000.00
3,000.00
Purchase
04/10/07
30,000.00
29,100.00
Purchase
22/10/07
50,000.00
47,500.00
Purchase
20/12/07
30,000.00
27,750.00
133,000.00
Sale
03/01/07
150,000.00
150,000.00
0.00
Purchase
09/05/07
20,000,000.00
19,945,800.00
Sale
11/05/07
5,000,000.00
4,986,450.00
Sale
11/05/07
3,000,000.00
2,991,870.00
Sale
09/05/07
4,000,000.00
3,989,160.00
Sale
23/05/07
75,000.00
74,796.00
Purchase
30/05/07
5,000,000.00
4,986,500.00
Sale
04/06/07
2,000,000.00
1,994,580.00
Sale
24/07/07
100,000.00
99,729.40
QUANTITY
VALUE
10,825,000.00
BANIF INTERNATIONAL BANK, LTD (BAHAMAS)
SECURITIES
Bonds BANIF RANGE AC 05/07
Bonds BANIF SFE 2006/2009
188
POSITION 31-12-07
MOVEMENTS
OPERATION
DATE
QUANTITY
VALUE
Repayment
11-05-07
277,000.00
277,000.00
QUANTITY
0.00
5,826,000.00
VALUE
BANIF - BANCO DE INVESTIMENTO, SA
SECURITIES
MOVEMENTS
DATE
QUANTITY
VALUE
Purchase
7-03-07
3,000
27,360
Purchase
7-03-07
10,000
120,000
179,000
Purchase
16-03-07
30,000
175,000
112,500
400,000
Shares Banif Gestão de Activos, SA
Shares Banif Açor Pensões, SA
Shares Banif Capital, SA
QUANTITY / NOMINAL
VALUE AT 31-12-07
OPERATION
Shares Centro Venture
382,500
Shares Gamma STC, SA
50,000
2
Shares Number One, SGPS, Lda.
Shares Banif SGPS, SA
Banif Finance Cayman Shares Pref. 2004
Banif Finance Cayman Shares Pref. 2006
Purchase
The transactions effected are detailed in item 3 of
Chapter VIII – Information on Own Shares
202,522
19-03-07
5,000
5,150
Sale
19-03-07
5,000
5,163
Purchase
20-04-07
291,000
301,040
Sale
20-04-07
291,000
301,913
Purchase
25-05-07
1,725,000
1,791,413
Sale
25-05-07
1,725,000
1,791,413
Purchase
26-06-07
25,000
25,825
Sale
26-06-07
25,000
25,900
Purchase
25-07-07
11,000
11,380
Sale
25-07-07
11,000
11,413
Purchase
25-09-07
620,000
631,780
Sale
25-09-07
620,000
632,400
Purchase
31-10-07
40,000
39,600
Sale
31-10-07
40,000
40,000
Purchase
19-11-07
400,000
402,000
Sale
19-11-07
400,000
402,000
Purchase
28-11-07
87,000
85,260
Sale
28-11-07
87,000
85,260
Purchase
29-11-07
15,000
14,925
Sale
30-11-07
15,000
15,000
Purchase
4-12-07
280,000
281,400
Sale
4-12-07
30,000
30,300
Sale
4-12-07
250,000
252,500
Purchase
2-01-07
10,000,000
10,000,000
Purchase
2-01-07
250,000
250,000
0
(continues)
189
ADDITIONAL DISCLOSURES
(continuation)
SECURITIES
MOVEMENTS
OPERATION
DATE
QUANTITY
VALUE
Sale
2-01-07
10,000,000
10,000,000
Sale
2-01-07
250,000
250,125
Purchase
11-01-07
190,000
190,000
Sale
11-01-07
190,000
190,475
Purchase
17-01-07
71,000
71,000
Sale
17-01-07
71,000
71,178
Purchase
18-01-07
65,000
65,000
Sale
18-01-07
65,000
65,358
Purchase
19-01-07
150,000
150,000
Sale
19-01-07
150,000
150,375
Purchase
22-01-07
100,000
100,000
Sale
22-01-07
100,000
100,250
Purchase
23-01-07
80,000
80,000
Sale
23-01-07
80,000
80,200
Purchase
30-01-07
125,000
125,000
Purchase
30-01-07
170,000
170,000
Sale
30-01-07
170,000
170,510
Sale
30-01-07
125,000
125,375
Purchase
7-02-07
20,000
20,000
Sale
7-02-07
20,000
20,060
Purchase
9-02-07
10,000
10,000
Sale
9-02-07
10,000
10,030
Purchase
12-02-07
50,000
50,025
Sale
12-02-07
50,000
50,025
Purchase
14-02-07
15,000
15,000
Purchase
14-02-07
150,000
150,000
Sale
14-02-07
15,000
15,045
Sale
14-02-07
150,000
150,525
Purchase
22-02-07
75,000
75,075
Sale
22-02-07
75,000
75,300
Purchase
27-02-07
68,000
68,000
Sale
27-02-07
68,000
68,272
Purchase
1-03-07
1,300,000
1,300,000
Sale
1-03-07
1,300,000
1,306,500
QUANTITY / NOMINAL
VALUE AT 31-12-07
(continues)
190
(continuation)
SECURITIES
MOVEMENTS
OPERATION
DATE
QUANTITY
VALUE
Sale
2-03-07
50,000
50,050
Sale
2-03-07
50,000
50,050
Purchase
6-03-07
150,000
150,000
Sale
6-03-07
150,000
150,150
Purchase
7-03-07
60,000
60,000
Sale
7-03-07
75,000
75,000
Purchase
7-03-07
645,000
645,000
Sale
7-03-07
60,000
60,420
Purchase
7-03-07
75,000
75,600
Sale
7-03-07
645,000
650,160
Purchase
9-03-07
2,430,000
2,439,234
Sale
9-03-07
100,000
100,110
Purchase
9-03-07
100,000
100,700
Sale
9-03-07
2,430,000
2,439,963
Purchase
14-03-07
315,000
315,347
Purchase
14-03-07
250,000
250,275
Sale
14-03-07
315,000
317,363
Sale
14-03-07
250,000
251,750
Purchase
20-03-07
400,000
402,000
Sale
20-03-07
1,000,000
1,001,200
Purchase
20-03-07
400,000
402,000
Sale
20-03-07
1,000,000
1,010,000
Purchase
28-03-07
15,000
15,105
Sale
28-03-07
15,000
15,120
Purchase
30-03-07
200,000
200,240
Purchase
30-03-07
200,000
200,240
Sale
30-03-07
33,000
33,040
Sale
30-03-07
33,000
33,380
Purchase
30-03-07
200,000
201,800
Sale
30-03-07
200,000
201,800
Purchase
4-04-07
90,000
90,108
Sale
4-04-07
90,000
90,990
Purchase
11-04-07
105,000
105,126
Sale
11-04-07
105,000
106,208
QUANTITY / NOMINAL
VALUE AT 31-12-07
(continues)
191
ADDITIONAL DISCLOSURES
(continuation)
SECURITIES
MOVEMENTS
OPERATION
DATE
QUANTITY
VALUE
Purchase
16-04-07
34,000
34,041
Sale
16-04-07
34,000
34,680
Purchase
19-04-07
2,000,000
2,002,400
Sale
19-04-07
2,000,000
2,038,000
Purchase
26-04-07
45,000
45,054
Sale
26-04-07
45,000
45,900
Purchase
2-05-07
170,000
172,550
Sale
2-05-07
170,000
172,720
Purchase
3-05-07
170,000
170,230
Purchase
3-05-07
2,000,000
2,002,700
Sale
3-05-07
170,000
173,400
Sale
3-05-07
2,000,000
2,040,000
Purchase
9-05-07
200,000
204,000
Purchase
9-05-07
1,000,000
1,001,300
Purchase
9-05-07
1,000,000
1,001,300
Sale
9-05-07
200,000
204,020
Sale
9-05-07
1,000,000
1,020,000
Sale
9-05-07
1,000,000
1,022,500
Purchase
10-05-07
20,000
20,240
Sale
10-05-07
20,000
20,300
Purchase
11-05-07
250,000
250,338
Sale
11-05-07
250,000
256,250
Purchase
18-05-07
110,000
110,219
Sale
18-05-07
110,000
112,530
Purchase
22-05-07
200,000
200,270
Sale
22-05-07
200,000
204,600
Purchase
25-05-07
1,925,000
1,961,575
Sale
25-05-07
1.925.000
1,999,113
Purchase
29-05-07
500,000
507,113
Sale
29-05-07
500,000
511,750
Purchase
30-05-07
25,000
25,475
Sale
31-05-07
25,000
25,475
Purchase
4-06-07
1,000,000
1,014,226
Sale
4-06-07
1,000,000
1,023,500
QUANTITY / NOMINAL
VALUE AT 31-12-07
(continues)
192
(continuation)
SECURITIES
MOVEMENTS
OPERATION
DATE
QUANTITY
VALUE
Purchase
6-06-07
80,000
81,520
Sale
6-06-07
80,000
81,520
Purchase
15-06-07
1,169,000
1,185,630
Sale
15-06-07
1,169,000
1,196,472
Purchase
2-07-07
20,000
20,320
Sale
2-07-07
20,000
20,380
Purchase
24-09-07
3,000
3,000
Sale
24-09-07
3,000
3,000
Purchase
4-10-07
100,000
101,500
Purchase
4-10-07
30,000
29,100
Sale
4-10-07
100,000
102,000
Sale
4-10-07
30,000
29,100
Purchase
22-10-07
50,000
47,500
Sale
22-10-07
50,000
47,500
Purchase
20-12-07
30,000
27,750
Sale
20-12-07
30,000
27,750
Banif Finance Cayman 2006/2016
Purchase
3-01-07
150,000
150,000
Sale
3-01-07
150,000
150,075
Subordinated Bonds Banif 2005-2015
Purchase
13-04-07
1,000,000
1,000,000
Purchase
13-04-07
2,800,000
2,800,000
Sale
13-04-07
3,800,000
3,812,540
Purchase
11-05-07
150,000
151,200
Sale
11-05-07
150,000
151,215
Purchase
8-06-07
2,000,000
1,999,000
Sale
8-06-07
2,000,000
2,018,000
Purchase
14-06-07
5,000,000
5,000,000
Sale
14-06-07
5.000.000
5,035,000
Purchase
9-07-07
5.000.000
5,035,000
Sale
9-07-07
2,000,000
2,014,000
Sale
16-07-07
1,718,000
1,730,026
Purchase
17-07-07
4,183,000
4,212,281
Sale
17-07-07
5,465,000
5,505,441
Purchase
23-07-07
650,000
654,225
Sale
23-07-07
650,000
654,225
QUANTITY / NOMINAL
VALUE AT 31-12-07
0
0
0
(continues)
193
ADDITIONAL DISCLOSURES
(continuation)
SECURITIES
Subordinated Bonds Mundileasing 2007
Banif SGPS 2003/2008
MOVEMENTS
QUANTITY / NOMINAL
VALUE AT 31-12-07
OPERATION
DATE
QUANTITY
VALUE
Repayment
6-06-07
299,278
299,278
0
Purchase
3-01-07
13,000
12,935
0
Purchase
5-01-07
1,200
1,194
Sale
10-01-07
2,200
2,211
Purchase
16-01-07
5,000
4,975
Sale
17-01-07
6,000
6,030
Purchase
30-01-07
10,000
9,950
Purchase
5-02-07
5,000
4,973
Purchase
7-02-07
20,000
19,890
Purchase
7-02-07
2,000
1,989
Purchase
14-02-07
5,800
5,777
Purchase
21-02-07
7,400
7,359
Sale
21-02-07
10,000
10,045
Purchase
22-02-07
5,000
4,973
Purchase
27-02-07
5,000
4,973
Purchase
5-03-07
5,000
4,975
Purchase
9-03-07
7,700
7,662
Purchase
13-03-07
10,000
9,945
Purchase
3-04-07
5,000
4,968
Purchase
2-05-07
72,000
71,532
Sale
3-05-07
10,000
10,030
Purchase
16-05-07
40,000
39,720
Purchase
14-06-07
10,000
9,930
Purchase
27-06-07
7,000
6,951
Purchase
13-07-07
17,000
16,873
Purchase
17-07-07
30,000
29,775
Purchase
17-07-07
4,000
3,970
Purchase
6-08-07
5,000
4,963
Purchase
24-08-07
5,000
4,953
Purchase
28-08-07
30,000
29,715
Purchase
28-09-07
150,000
148,650
Purchase
10-10-07
100,000
99,200
Purchase
16-10-07
15,500
15,384
Purchase
2-11-07
10,000
9,925
(continues)
194
(continuation)
SECURITIES
MOVEMENTS
OPERATION
DATE
QUANTITY
VALUE
Purchase
2-11-07
21,300
21,140
Purchase
16-11-07
10,000
9,930
Purchase
19-11-07
5,000
4,965
Purchase
20-11-07
30,000
29,790
Purchase
23-11-07
5,000
4,965
Purchase
30-11-07
5,000
4,975
Purchase
5-12-07
6,000
5,940
Purchase
7-12-07
15,000
14,850
Purchase
7-12-07
5,000
4,950
Sale
13-12-07
7,000
7,000
Purchase
14-12-07
125,000
123,750
Sale
14-12-07
100,000
100,000
Sale
14-12-07
300,000
300,000
Sale
14-12-07
46,000
46,000
Sale
14-12-07
100,000
100,000
Sale
14-12-07
100,000
100,000
Sale
14-12-07
11,000
11,000
Sale
14-12-07
5,000
5,000
Purchase
17-12-07
2,500
2,475
Purchase
17-12-07
10,000
9,900
Purchase
17-12-07
35,100
34,749
Sale
17-12-07
92,000
92,000
Sale
17-12-07
2,500
2,500
Sale
17-12-07
100,000
100,000
Purchase
18-12-07
5,000
4,950
Sale
18-12-07
3,000
3,000
Sale
18-12-07
215,000
215,000
Sale
18-12-07
9,000
9,000
Sale
18-12-07
2,000
2,000
Sale
19-12-07
22,000
22,000
Sale
19-12-07
200,000
200,000
Sale
19-12-07
47,000
47,000
Purchase
20-12-07
7,500
7,485
Sale
20-12-07
100,000
100,000
QUANTITY / NOMINAL
VALUE AT 31-12-07
(continues)
195
ADDITIONAL DISCLOSURES
(continuation)
SECURITIES
Banif Cash Certificates 2005/2007
MOVEMENTS
OPERATION
DATE
QUANTITY
VALUE
Sale
20-12-07
74,000
74,000
Purchase
21-12-07
100,000
99,836
Purchase
27-12-07
11,000
10,890
Sale
8-01-07
86,000
84,839
Purchase
24-01-07
15,000
14,723
QUANTITY / NOMINAL
VALUE AT 31-12-07
118,000
Sale
27-02-07
15,000
14,880
0
Banif SFE Ob. Cash Cert. 2004/2008 - Rend. Dinamico (USD)
Purchase
2-01-07
183,000
175,772 USD
183,000 USD
Banif SFE 2004/2009 (USD)
Purchase
2-01-07
2,321,000
2,359,297 USD
Sale
21-02-07
172,000
177,401 USD
Sale
21-02-07
600,000
618,840 USD
Sale
26-02-07
776,000
799,668 USD
Sale
21-03-07
273,000
282,555 USD
Sale
22-03-07
500,000
517,500 USD
Purchase
2-01-07
125,000
121,875 USD
Sale
13-03-07
40,000
39,460 USD
Banif SFE 2005/2008 (USD)
Banif 2005/2010 EUR MultiActivos
Sale
2-05-07
49,000
48,363 USD
Purchase
25-06-07
10,000
9,750 USD
Sale
13-07-07
32,000
31,552 USD
Sale
29-08-07
14,000
13,874 USD
Purchase
3-01-07
5,000
5,485
Purchase
8-02-07
455,000
492,935
Purchase
9-02-07
557,000
599,487
Purchase
5-03-07
10,000
10,640
Purchase
21-Mar-07
50,000
52,475
Purchase
21-03-07
50,000
52,475
Purchase
23-03-07
25,000
26,238
Purchase
23-03-07
4,000
4,198
Purchase
23-03-07
25,000
26,238
Purchase
20-04-07
10,000
10,570
Purchase
7-05-07
4,000
4,232
Purchase
5-06-07
2,000
2,095
Purchase
3-08-07
9,000
9,504
Purchase
3-08-07
7,000
7,371
Purchase
6-08-07
5,000
5,280
0 USD
0 USD
(continues)
196
(continuation)
SECURITIES
Banif SFE 2005/2010 USD MultiActivos
Banif SFE 2005/2010 (USD Step Up)
BCA - Cash Cert. 2006/2011
BCA - Subord. Cash Cert. 2006/2016
MOVEMENTS
OPERATION
DATE
QUANTITY
VALUE
Purchase
12-09-07
10,000
10,400
Purchase
28-09-07
10,000
10,485
Purchase
23-10-07
5,000
5,235
Purchase
29-10-07
25,000
26,188
Purchase
20-11-07
5,000
5,233
Purchase
2-01-07
57,000
59,936 USD
Purchase
20-09-07
46,000
47,334 USD
Purchase
2-01-07
27,000
26,474 USD
Purchase
10-01-07
20,000
19,580 USD
Purchase
4-06-07
29,000
28,246 USD
Purchase
27-06-07
44,000
42,834 USD
Purchase
27-06-07
16,000
15,576 USD
Purchase
21-08-07
6,000
5,922 USD
Sale
29-08-07
78,000
77,766 USD
Purchase
24-09-07
9,000
8,933 USD
Purchase
12-06-07
38,000
36,822
Purchase
22-11-07
1,000
970
Purchase
26-11-07
69,000
66,930
Purchase
13-12-07
5,000
4,850
Purchase
13-12-07
1,000
970
Purchase
15-11-07
3,000
2,895
QUANTITY / NOMINAL
VALUE AT 31-12-07
1,283,000
103,000 USD
73,000 USD
114,000
Purchase
23-11-07
10,000
9,650
13,000
BCA - Subord. Cash Cert. 2007/2017
Purchase
23-11-07
10,000
9,570
10,000
Banif Finance Cayman 2004/2009
Purchase
4-01-07
4,000
4,015
Sale
4-01-07
4,000
4,015
Purchase
15-01-07
210,000
210,735
Sale
15-01-07
210,000
210,735
Purchase
14-02-07
43,000
43,151
Sale
14-02-07
43,000
43,151
Purchase
8-03-07
2,000,000
2,007,600
Sale
8-03-07
2,000,000
2,007,800
Purchase
27-03-07
15,000,000
15,052,500
Sale
27-03-07
15,000,000
15,060,750
Purchase
16-04-07
200,000
200,800
(continues)
197
ADDITIONAL DISCLOSURES
(continuation)
SECURITIES
Banif Finance Cayman 2004/2014
Banif Finance Cayman 2005/2008
MOVEMENTS
OPERATION
DATE
QUANTITY
VALUE
Purchase
16-04-07
100,000
100,385
Sale
16-04-07
300,000
301,200
Purchase
8-05-07
2,000,000
2,009,400
Sale
8-05-07
2,000,000
2,009,400
Purchase
9-05-07
2,000,000
2,009,400
Sale
9-05-07
2,000,000
2,009,400
Purchase
15-06-07
460,000
462,116
Sale
15-06-07
460,000
462,116
Purchase
19-06-07
1,800,000
1,808,280
Sale
19-06-07
1,800,000
1,808,280
Purchase
25-06-07
15,000,000
15,057,000
Purchase
29-06-07
45,000
45,218
Sale
29-06-07
15,000,000
15,069,000
Sale
29-06-07
45,000
45,223
Purchase
2-07-07
15,000,000
15,069,000
Sale
6-07-07
5,500,000
5,525,300
Sale
9-07-07
3,750,000
3,767,250
Purchase
10-07-07
350,000
351,400
Purchase
10-07-07
350,000
351,470
Sale
10-07-07
350,000
351,470
Sale
12-07-07
2,370,000
2,380,902
Sale
20-07-07
2,380,000
2,390,948
Sale
24-07-07
1,350,000
1,356,210
Purchase
10-08-07
500,000
501,200
Sale
10-08-07
500,000
501,200
Purchase
23-05-07
500,000
500,000
Sale
23-05-07
500,000
504,750
Purchase
29-05-07
1,200,000
1,209,600
Sale
29-05-07
1,200,000
1,211,400
Purchase
1-02-07
1,000,000
999,500
Sale
1-02-07
1,000,000
1,000,020
Purchase
6-02-07
10,000,000
9,995,000
Purchase
6-02-07
5,000,000
4,997,500
Sale
6-02-07
10,000,000
10,000,000
QUANTITY / NOMINAL
VALUE AT 31-12-07
0
0
(continues)
198
(continuation)
SECURITIES
Banif Finance Cayman 2006/2010
Banif Finance Cayman 2007/2012
MOVEMENTS
OPERATION
DATE
QUANTITY
VALUE
Sale
6-02-07
5,000,000
5,000,000
Purchase
8-02-07
2,500,000
2,498,750
Sale
8-02-07
2,500,000
2,500,000
Purchase
12-02-07
7,595,000
7,591,203
Sale
12-02-07
7,595,000
7,595,000
Purchase
17-04-07
1,000,000
1,000,500
Sale
17-04-07
1,000,000
1,000,500
Purchase
8-05-07
2,500,000
2,502,000
Sale
8-05-07
2,500,000
2,502,000
Purchase
13-02-07
7,000,000
6,995,100
Sale
13-02-07
7,000,000
6,995,100
Purchase
16-02-07
100,000
99,900
Sale
16-02-07
100,000
99,900
Purchase
2-04-07
500,000
499,600
Sale
2-Abr-07
500,000
499,600
Purchase
14-06-07
13,000,000
12,990,900
Sale
14-06-07
13,000,000
13,023,400
Purchase
9-07-07
13,000,000
13,023,400
Sale
9-07-07
3,500,000
3,506,300
Sale
12-07-07
3,950,000
3,957,110
Sale
20-07-07
1,690,000
1,693,042
Sale
24-07-07
1,740,000
1,743,132
Sale
31-07-07
2,120,000
2,123,816
Purchase
22-08-07
2,500,000
2,494,500
Sale
22-08-07
2,500,000
2,495,000
Purchase
9-05-07
4,000,000
3,989,160
Sale
9-05-07
4,000,000
3,989,160
Purchase
11-05-07
5,000,000
4,986,450
Purchase
11-05-07
3,000,000
2,991,870
Sale
11-05-07
5,000,000
4,987,500
Sale
11-05-07
3,000,000
2,991,900
Purchase
23-05-07
75,000
74,797
Sale
23-05-07
75,000
75,000
Purchase
30-05-07
5,000,000
4,986,500
QUANTITY/ NOMINAL
VALUE AT 31-12-07
0
0
(continues)
199
ADDITIONAL DISCLOSURES
(continuation)
SECURITIES
Banco Banif Primus, 4,25% 2007
200
MOVEMENTS
OPERATION
DATE
QUANTITY
VALUE
Sale
30-05-07
5,000,000
4,986,500
Purchase
4-06-07
2,000,000
1,994,580
Sale
4-06-07
2,000,000
1,995,000
Purchase
24-07-07
100,000
99,729
Sale
24-07-07
100,000
99,780
Purchase
22-02-07
5,000
4,935
Purchase
6-06-07
150,000
148,575
Purchase
11-06-07
85,000
84,193
Purchase
28-08-07
50,000
49,650
Purchase
28-08-07
36,000
35,748
Purchase
24-09-07
14,000
13,909
QUANTITY / NOMINAL
VALUE AT 31-12-07
0
Repayment
7-11-07
340,000
340,000
0
Gamma - Via Norte - Classe A
Repayment
8-02-07
10,000,000
10,000,000
0
Gamma - Via Norte - Classe B
Repayment
8-02-07
5,720,000
5,720,000
0
BANIF - BANCO DE INVESTIMENTO, SA
SECURITES
MOVEMENTS
OPERATION
DATE
QUANTITY
VALUE
QUANTITY / NOMINAL
VALUE AT 31-12-06
Shares Banif Gestão de Activos, SA
400,000
Shares Banif Açor Pensões, SA
176,000
82,500
Shares Banif Capital, SA
Shares Centro Venture
Initial subscription
29-03-06
382,500
382,500
382,500
Shares Gamma STC, SA
Initial subscription
20-06-06
50,000
250,000
50,000
Purchase
28-12-06
2
5,000
2
Sale
29-12-06
50,000
50.000 USD
0
The transactions effected are detailed in item 3 of Chapter
VIII – Information on Own Shares
2-01-06
Purchase
1,414,190
1,373,000
251,778
Shares Number One, SGPS, Lda.
Shares Banif International Asset Management, Ltd.
Shares Banif SGPS, SA
Banif Finance Cayman Shares Pref. 2004
Sale
2-01-06
1,373,000
1,414,190
Purchase
19-01-06
1,373,000
1,400,460
Sale
19-01-06
1,373,000
1,400,460
Purchase
2-02-06
500,000
510,000
Sale
2-02-06
500,000
515,000
Purchase
10-02-06
50,000
51,000
Purchase
10-02-06
50,000
51,075
Sale
10-02-06
50,000
51,075
Purchase
15-02-06
1,373,000
1,400,460
Sale
15-02-06
1,423,000
1,451,460
Purchase
9-03-06
50,000
51,000
Sale
9-03-06
50,000
51,500
Purchase
13-03-06
750,000
770,625
Purchase
13-03-06
750,000
765,000
Sale
13-03-06
750,000
774,375
Sale
13-03-06
750,000
770,625
Purchase
14-03-06
250,000
256,875
Purchase
14-03-06
250,000
255,000
Sale
14-03-06
250,000
258,125
Sale
14-03-06
250,000
256,875
Purchase
16-03-06
350,000
359,625
Purchase
16-03-06
350,000
357,000
Sale
16-03-06
50,000
51,625
Sale
16-03-06
300,000
309,750
(continues)
201
ADDITIONAL DISCLOSURES
(continuation)
SECURITES
MOVEMENTS
OPERATION
DATE
QUANTITY
VALUE
Sale
16-03-06
350,000
359,625
Purchase
21-03-06
73,000
75,008
Sale
21-03-06
73,000
75,373
Sale
21-03-06
73,000
75,008
Purchase
22-03-06
73,000
74,460
Purchase
15-05-06
50,000
51,500
Sale
15-05-06
50,000
51,500
Purchase
12-06-06
170,000
175,100
Sale
12-06-06
170,000
175,100
Purchase
29-06-06
125,000
130,000
Sale
29-06-06
125,000
130,013
Purchase
7-08-06
32,000
32,960
Purchase
7-08-06
290,000
298,700
Sale
7-08-06
32,000
33,280
Sale
7-08-06
290,000
298,700
Purchase
15-08-06
95,000
98,800
Sale
15-08-06
95,000
98,800
Purchase
23-08-06
1,890,000
1,946,700
Sale
23-08-06
390,000
401,700
Sale
23-08-06
1,500,000
1,545,000
Purchase
4-09-06
136,000
140,080
Purchase
4-09-06
136,000
138,720
Sale
4-09-06
136,000
141,440
Sale
4-09-06
136,000
140,080
Purchase
28-11-06
160,000
164,800
Sale
28-11-06
160,000
166,400
Purchase
14-12-06
2,900,000
2,900,000
Sale
14-12-06
650,000
650,000
Sale
15-12-06
2,250,000
2,250,000
Purchase
18-12-06
2,200,000
2,200,000
Sale
18-12-06
2,200,000
2,201,760
Purchase
19-12-06
12,800,000
12,800,000
Sale
19-12-06
5,000,000
5,000,000
Sale
19-12-06
7,800,000
7,800,000
QUANTITY / NOMINAL
VALUE AT 31-12-06
(continues)
202
(continuation)
SECURITES
Banif Finance Cayman 2006/2016
Subordinated Bonds 1996/2006
Subordinated Bonds Banif 2005/2015
MOVEMENTS
OPERATION
DATE
QUANTITY
VALUE
Purchase
27-12-06
2,250,000
2,250,000
Sale
27-12-06
2,250,000
2,251,800
Purchase
28-12-06
300,000
300,000
Purchase
28-12-06
10,000,000
10.000,000
Sale
28-12-06
300,000
300,240
Sale
28-12-06
10,000,000
10,000,000
Purchase
15-12-06
300,000
300,000
Sale
15-12-06
100,000
100,000
Sale
15-12-06
200,000
200,000
Purchase
18-12-06
200,000
200,000
Sale
18-12-06
200,000
200,000
Purchase
22-12-06
50,000
50,000
Sale
22-12-06
50,000
50,015
Purchase
25-09-06
50,000
49,974
Repayment
11-12-06
50,000
50,000
Purchase
2-01-06
11,750,000
11,744,125
Purchase
19-01-06
11,750,000
11,750,000
Sale
19-01-06
11,750,000
11,750,000
Sale
19-01-06
11,750,000
11,750,000
Purchase
24-03-06
230,000
230,000
Sale
27-03-06
230,000
230,000
Purchase
31-03-06
200,000
200,000
Purchase
31-03-06
230,000
230,000
Sale
31-03-06
430,000
430,086
Purchase
12-04-06
440,000
440.000
Sale
12-04-06
440,000
440,220
Purchase
16-05-06
600,000
599,700
Sale
16-05-06
100,000
99,950
Sale
16-05-06
100,000
99,950
Sale
16-05-06
400,000
399,800
Purchase
19-05-06
15,000
14,993
Sale
19-05-06
15,000
14,994
Purchase
9-06-06
490,000
490,000
Sale
9-06-06
130,000
130,013
QUANTITY / NOMINAL
VALUE AT 31-12-06
0
0
0
(continues)
203
ADDITIONAL DISCLOSURES
(continuation)
SECURITES
Subordinated Bonds Mundileasing 2007
Banif SGPS 2003/2006
MOVEMENTS
OPERATION
DATE
QUANTITY
VALUE
Purchase
9-06-06
360,000
360,036
Sale
21-06-06
11,110,000
11,110,000
Purchase
21-06-06
11,110,000
11,110,000
Purchase
26-07-06
155,000
155,000
Sale
26-07-06
155,000
155,000
Sale
6-12-06
11,265,000
11,081,773
Purchase
6-12-06
11,265,000
11,088,227
Sale
6-12-06
11,265,000
11,081,773
Sale
6-12-06
11,265,000
11,088,227
Sale
5-01-06
37,000
36,908
Purchase
11-01-06
37,000
37,000
Sale
6-02-06
21,000
21,105
Purchase
QUANTITY / NOMINAL
VALUE AT 31-12-06
0
299,278
Purchase
14-02-06
11,000
11,055
Repayment
22-02-06
6,000
6,000
Purchase
2-03-06
50,000
50,000
Purchase
7-03-06
3,000
3,000
Sale
17-03-06
2,000
2,000
Sale
3-04-06
1,000
1,000
Purchase
3-04-06
3,000
3,000
Sale
3-04-06
4,000
4,000
Purchase
3-04-06
15,000
15,000
Purchase
3-04-06
20,000
20,000
Sale
4-04-06
25,000
25,000
Purchase
31-05-06
9,000
8,964
Sale
5-06-06
2,000
1,992
Purchase
5-06-06
60,000
60,000
Sale
21-06-06
3,000
2,988
Sale
28-06-06
22,000
22,000
Sale
10-07-06
10,000
9,960
Purchase
21-07-06
223,000
223,000
Sale
26-07-06
3,000
2,988
Purchase
28-07-06
25,000
24,900
Sale
1-08-06
60,000
59,760
(continues)
204
(continuation)
SECURITES
MOVEMENTS
OPERATION
Banif SGPS 2003/2008
DATE
QUANTITY
VALUE
Purchase
8-08-06
10,000
9,960
Sale
25-08-06
88,000
88,000
Purchase
5-09-06
10,000
10,000
Purchase
4-01-06
5,000
4,988
Sale
4-01-06
20,000
19,950
Sale
6-01-06
20,000
19,950
Purchase
6-01-06
59,000
58,853
Sale
13-01-06
45,000
45,000
Sale
18-01-06
5,000
4,988
Purchase
18-01-06
25,000
25,000
Sale
20-01-06
1,100
1,097
Purchase
20-01-06
13,000
13,000
Sale
20-01-06
15,000
15,000
Purchase
23-01-06
16,000
15,960
Repayment
23-01-06
18,000
17,955
Purchase
1-02-06
20,000
20,100
Purchase
1-02-06
20,000
20,100
Sale
6-02-06
125,000
125,625
Sale
6-02-06
125,000
125,625
Purchase
9-02-06
70,000
70,070
Sale
21-02-06
10,000
9,950
Purchase
7-03-06
3,000
3,015
Purchase
9-03-06
1,000
995
Sale
9-03-06
10,000
10,050
Purchase
30-03-06
400,000
402,000
Sale
6-04-06
12,000
12,060
Purchase
17-04-06
8,000
8,000
Sale
18-04-06
2,000
1,990
Sale
18-04-06
5,500
5,473
Sale
4-05-06
7,600
7,638
Purchase
8-05-06
16,000
15,920
Sale
26-05-06
10,500
10,448
Purchase
2-06-06
35,000
34,825
Sale
5-06-06
60,000
59,700
QUANTITY/ NOMINAL
VALUE AT 31-12-06
0
(continues)
205
ADDITIONAL DISCLOSURES
(continuation)
SECURITES
MOVEMENTS
OPERATION
DATE
QUANTITY
VALUE
Purchase
6-06-06
11,000
10,945
Purchase
8-06-06
1,000
995
Purchase
14-06-06
63,000
62,685
Purchase
21-06-06
5,100
5,075
Purchase
28-06-06
30,000
29,850
Purchase
4-07-06
15,000
14,925
Purchase
6-07-06
1,000
995
Purchase
10-07-006
20,000
19,900
Purchase
27-07-06
1,100
1,099
Purchase
16-08-06
75,000
74,925
Purchase
17-08-06
4,000
3,994
Purchase
24-08-06
8,000
7,976
Purchase
29-08-06
5,000
4,993
Purchase
6-09-06
15,000
14,955
Purchase
19-09-06
3,500
3,488
Purchase
19-09-06
22,000
21,923
Sale
22-09-06
17,000
17,000
Sale
28-09-06
9,000
9,000
Sale
28-09-06
20,000
20,000
Sale
4-10-06
45,000
45,000
Purchase
13-10-06
5,000
4,975
Sale
13-10-06
32,000
32,000
Sale
13-10-06
48,000
48,000
Sale
13-10-06
59,500
59,500
Sale
16-10-06
15,000
15,000
Purchase
24-10-06
6,000
5,970
Purchase
27-10-06
10,000
9,950
Sale
27-10-06
29,100
29,100
Purchase
3-11-06
15,000
14,925
Purchase
15-11-06
2,000
1,992
Sale
15-11-06
72,000
72,000
Purchase
5-12-06
60,000
59,760
Purchase
13-12-06
20,000
19,920
Purchase
15-12-06
6,000
5,976
QUANTITY/ NOMINAL
VALUE AT 31-12-06
(continues)
206
(continuation)
SECURITES
Banif Cash Certificates 2005/2007
MOVEMENTS
OPERATION
DATE
QUANTITY
VALUE
Purchase
3-01-06
5,000
4,825
Sale
16-01-06
23,000
22,195
Purchase
20-01-06
2,000
1,930
Purchase
8-02-06
200,000
192,000
Purchase
9-02-06
5,000
4,800
Purchase
14-02-06
1,000
963
Purchase
17-02-06
150,000
144,225
Purchase
17-02-06
150,000
144,450
Purchase
27-02-06
7,000
6,741
Purchase
2-03-06
1,000
966
Sale
2-03-06
70,000
67,585
Purchase
22-03-06
50,000
48,400
Purchase
27-03-06
30,000
29,040
Purchase
6-04-06
10,000
9,680
Purchase
20-04-06
8,000
7,680
Purchase
26-04-06
15,000
14,400
Purchase
26-04-06
20,000
19,200
Purchase
11-05-06
16,000
15,360
Purchase
16-05-06
10,000
9,600
Purchase
30-05-06
3,000
2,880
Purchase
30-05-06
5,000
4,800
Purchase
30-05-06
25,000
24,000
Purchase
30-05-06
25,000
24,000
Purchase
5-06-06
38,000
36,670
Purchase
5-06-06
50,000
48,000
Purchase
14-06-06
50,000
47,900
Purchase
16-06-06
83,000
80,261
Purchase
7-07-06
52,000
50,440
Purchase
21-07-06
8,000
7,700
Sale
26-07-06
183,000
177,236
Sale
4-08-06
50,000
48,550
Purchase
7-08-06
5,000
4,855
Sale
10-08-06
50,000
48,550
Sale
23-08-06
124,000
120,569
QUANTITY/ NOMINAL
VALUE AT 31-12-06
0
(continues)
207
ADDITIONAL DISCLOSURES
(continuation)
SECURITES
Banif SFE 2004/2009 (USD)
Banif SFE 2005/2008 (USD)
MOVEMENTS
OPERATION
DATE
QUANTITY
VALUE
Sale
25-08-06
50,000
48,625
Sale
25-08-06
52,000
50,570
Sale
1-09-06
24,000
23,340
Sale
1-09-06
50,000
48,625
Sale
7-09-06
18,000
17,532
Purchase
20-09-06
5,000
4,888
Purchase
20-09-06
10,000
9,775
Purchase
25-09-06
5,000
4,845
Purchase
27-09-06
10,000
9,750
Sale
28-09-06
30,000
29,280
Purchase
15-10-06
33,000
32,175
Sale
17-11-06
6,000
5,886
Purchase
20-11-06
9,000
8,766
Purchase
20-11-06
50,000
48,700
Purchase
20-06-06
59,000
58,292 USD
Purchase
6-07-06
130,000
128,245 USD
Purchase
14-07-06
250,000
243,375 USD
Purchase
17-07-06
230,000
224,480 USD
Purchase
21-07-06
242,000
234,861 USD
Purchase
26-07-06
200,000
194,100 USD
Purchase
3-08-06
100,000
97,050 USD
Purchase
3-08-06
250,000
242,625 USD
Purchase
3-08-06
250,000
242,625 USD
Purchase
4-08-06
110,000
106,755 USD
Purchase
10-08-06
300,000
291,150 USD
Purchase
5-09-06
200,000
199,300 USD
Sale
28-12-06
2,321,000
2,359,297 USD
Sale
23-01-06
6,000
6,000 USD
Purchase
27-03-06
200,000
195,000 USD
Purchase
6-04-06
30,000
29,250 USD
Sale
8-05-06
26,000
25,610 USD
Sale
20-07-06
212,000
206.382 USD
Purchase
6-12-06
125,000
122,250 USD
Sale
28-12-06
125,000
121,875 USD
QUANTITY / NOMINAL
VALUE AT 31-12-06
86,000 USD
0 USD
0 USD
(continues)
208
(continuation)
SECURITES
MOVEMENTS
OPERATION
Banif 2005/2010 EUR MultiActivos
Banif SFE 2005/2010 USD MultiActivos
Banif SFE 2005/2010 (USD Step Up)
Banif Finance Cayman 2003/2006
DATE
QUANTITY
VALUE
Purchase
2-01-06
955,000
969,325
Purchase
23-01-06
3,000
2,993
Purchase
14-02-06
10,000
10,202
Purchase
15-03-06
2,000
2,000
Purchase
28-06-06
1,000
1,000
Purchase
28-06-06
3,000
3,000
Purchase
30-06-06
955,000
955,000
Sale
30-06-06
955.000
955,000
Purchase
27-07-06
1,000
1,027
Purchase
1-08-06
30,000
30,810
Purchase
4-08-06
2,000
2,054
Purchase
14-11-06
5,000
5,355
Sale
11-12-06
455,000
490,392
Sale
11-12-06
557,000
596,448
Purchase
22-12-06
10,000
10,950
Purchase
10-03-06
9,000
8,955 USD
Purchase
2-10-06
6,000
6,021 USD
Purchase
15-12-06
42,000
43,323 USD
Sale
28-12-06
57,000
59,936 USD
Purchase
9-06-06
37,000
35,520 USD
Purchase
1-08-06
29,000
28,130 USD
Sale
17-10-06
39,000
38,240 USD
Sale
28-12-06
27,000
26,474 USD
Purchase
5-01-06
790,000
791,422
Sale
5-01-06
790,000
791,422
Purchase
12-01-06
33,000
33,059
Sale
12-01-06
33,000
33,059
Purchase
1-02-06
150,000
150,270
Sale
1-02-06
150,000
150,270
Purchase
23-03-06
46,000
46,055
Purchase
23-03-06
50,000
50,060
Sale
23-03-06
96,000
96,115
Purchase
27-03-06
320,000
320,384
Sale
27-03-06
320,000
320,384
QUANTITY / NOMINAL
VALUE AT 31-12-06
10.000
0 USD
0 USD
(continues)
209
ADDITIONAL DISCLOSURES
(continuation)
SECURITES
Banif Finance Cayman 2004/2009
MOVEMENTS
OPERATION
DATE
QUANTITY
VALUE
Purchase
9-Jun-2006
7,419,000
7,427,532
Sale
9-Jun-2006
7,419,000
7,427,532
Purchase
28-Jun-2006
500,000
500,400
Sale
28-Jun-2006
500,000
500,400
Purchase
28-Jul-2006
20,000
20,010
Sale
28-Jul-2006
20,000
20,010
Purchase
7-Fev-2006
2,000.000
2,005,600
Sale
7-Fev-2006
2,000.000
2,005,600
Purchase
23-Fev-2006
500,000
500,500
Sale
23-Fev-2006
500,000
501,250
Purchase
24-Mar-2006
2,500,000
2,506,000
Sale
27-Mar-2006
2,500,000
2,506,250
Purchase
27-Abr-2006
5,000,000
5,005,000
Sale
27-Abr-2006
5,000,000
5,012,500
Purchase
13-Jun-2006
5,000,000
5,003,500
Sale
13-Jun-2006
5,000,000
5,015,000
Purchase
4-Jul-2006
2,480,000
2,486,200
Sale
4-Jul-2006
2,480,000
2,486,200
Purchase
5-Jul-2006
150,000
150,375
Sale
5-Jul-2006
150,000
150,375
Purchase
17-Jul-2006
5,000,000
5,006,500
Sale
17-Jul-2006
5,000,000
5,012,500
Purchase
16-Ago-2006
50,000
50,140
Sale
16-Ago-2006
50,000
50,140
Purchase
23-Ago-2006
1,340,000
1,343,350
Sale
23-Ago-2006
1,340,000
1,343,350
Purchase
15-Set-2006
10,000,000
10,038,000
Sale
15-Set-2006
10,000,000
10,038,000
Purchase
22-Set-2006
400,000
401,560
Sale
22-Set-2006
400,000
401,560
Purchase
25-Out-2006
10,000,000
10,039,000
Sale
25-Out-2006
10,000,000
10,039,000
Purchase
24-Nov-2006
250,000
250,925
Sale
29-Nov-2006
250,000
250,925
QUANTITY/ NOMINAL
VALUE AT 31-12-06
0
(continues)
210
(continuation)
SECURITES
Banif Finance Cayman 2004/2014
Banif Finance Cayman 2005/2008
MOVEMENTS
OPERATION
DATE
QUANTITY
VALUE
Purchase
19-12-06
1,000
1,004
Sale
19-12-06
1,000
1,004
Purchase
2-01-06
1,050,000
1,057,350
Sale
2-01-06
1,050,000
1,057,350
Purchase
19-01-06
1,050,000
1,050,000
Sale
19-01-06
1,050,000
1,050,000
Purchase
5-04-06
50,000
50,185
Sale
5-04-06
50,000
50,200
Sale
5-04-06
50,000
50,185
Purchase
6-04-06
50,000
50,000
Purchase
21-06-06
1,000,000
1,000,000
Sale
21-06-06
1,000,000
1,000,000
Purchase
9-11-06
500,000
500,500
Purchase
9-11-06
500,000
500,000
Sale
9-11-06
500,000
501,500
Sale
9-11-06
500,000
500,500
Purchase
26-01-06
55,000
54,940
Sale
26-01-06
55,000
54,940
Purchase
24-03-06
5,000,000
4,994,000
Sale
24-03-06
5,000,000
4,994,000
Purchase
12-06-06
10,956,000
10,943,181
Sale
12-06-06
10,956,000
10,956,000
Purchase
20-06-06
5,000,000
4,993,000
Sale
20-06-06
5,000,000
4,993,000
Purchase
4-08-06
500,000
499,500
Sale
4-08-06
500,000
499,500
Purchase
29-08-06
5,000,000
4,992,500
Sale
29-08-06
5,000,000
4,993,250
Purchase
6-09-06
500,000
499,500
Sale
6-09-06
500,000
499,500
Purchase
7-09-06
5,000,000
4,997,500
Sale
7-09-06
5,000,000
4,997,500
Purchase
23-11-06
10,956,000
10,950,522
Sale
23-11-06
10,956,000
10,956,00
QUANTIDADE / NOMINAL
VALUE AT 31-12-06
0
0
(continues)
211
ADDITIONAL DISCLOSURES
(continuation)
SECURITES
Banif Finance Cayman 2006/2010
Banco Banif Primus, 4,25% 2007
Banco Banif Primus, 7% 2014
Gamma - Via Norte - Classe A
Gamma - Via Norte - Classe B
Gamma - Via Norte - Classe C
212
MOVEMENTS
OPERATION
DATE
QUANTITY
VALUE
Purchase
5-12-06
1,000,000
999,900
Sale
5-12-06
1,000,000
1,000,000
Purchase
26-10-06
5,000,000
4,992,750
Sale
26-10-06
5,000,000
4,996,250
Purchase
14-11-06
400,000
399,680
Sale
14-11-06
400,000
399,680
Purchase
3-01-06
150,000
148,980
Purchase
5-01-06
105,000
105,000
Sale
20-01-06
50,000
50,000
Sale
25-01-06
50,000
50,000
Sale
26-01-06
105,000
105,000
Sale
22-02-06
13,000
13,130
Purchase
27-02-06
10,000
10,000
Purchase
13-03-06
3,000
3,000
Purchase
16-03-06
47,000
47,000
Purchase
8-05-06
50,000
50,000
Sale
30-06-06
147,000
146,633
Purchase
3-07-06
147,000
146,633
Sale
11-08-06
147,000
146,633
Purchase
2-01-06
200,000
220,000 USD
Purchase
2-01-06
300,000
330,000 USD
Purchase
25-01-06
50,000
55,000 USD
Sale
25-01-06
50,000
55,005 USD
Purchase
22-03-06
50,000
55,000 USD
Sale
27-06-06
550,000
595,650 USD
Purchase
17-10-06
10,000,000
10,000,000
Sale
17-10-06
10,000,000
10,000,000
Purchase
14-12-06
10,000,000
10,000,000
Purchase
17-10-06
5,720,000
5,720,000
Sale
17-10-06
5,720,000
5,720,000
Purchase
14-12-06
5,720,000
5,720,000
Purchase
17-10-06
350,000
350,000
Sale
17-10-06
350,000
350,000
QUANTITY / NOMINAL
VALUE AT 31-12-06
0
0
0
0 USD
10,000,00
5,720,000
2. DISCLOSURES REQUIRED BY ARTICLE 448 OF THE COMPANIES CODE
As required by Article 448.4 of the Companies Code, and in accordance with the Company’s records and
information provided, we hereby disclose that at the date of the close of the period to which this annual report
relates the Bank was wholly owned by Banif Comercial - Sociedade Gestora de Participações Sociais, SA.
3. OWN SHARES AND QUALIFYING HOLDINGS
All 48 million shares in Banif - Banco Internacional do Funchal, SA, representing 100% of the respective
share capital, are held by Banif Comercial SGPS, SA, meaning that there are no own shares or other qualifying
holdings.
213
2. DISCLOSURES REQUIRED BY ARTICLE 448 OF THE COMPANIES CODE
As required by Article 448.4 of the Companies Code, and in accordance with the Company’s records and
information provided, we hereby disclose that at the date of the close of the period to which this annual report
relates the Bank was wholly owned by Banif Comercial - Sociedade Gestora de Participações Sociais, SA.
3. OWN SHARES AND QUALIFYING HOLDINGS
All 48 million shares in Banif - Banco Internacional do Funchal, SA, representing 100% of the respective
share capital, are held by Banif Comercial SGPS, SA, meaning that there are no own shares or other qualifying
holdings.
213
_
4. REPORT AND OPINION OF THE AUDIT BOARD
Shareholders,
1. As required by Article 420 g) of the Companies Code, the Audit Board has drawn up this report on
its auditing work during 2007 and issues its opinion on the report, accounts and proposals submitted
by the Directors of Banif - Banco Internacional do Funchal, SA.
2. As in previous years, the Audit Board has continued to concen-trate on monitoring the Bank's
operations on a direct and permanent basis, maintaining frequent contact with the Directors and
the Bank's staff.
3. The Directors’ Report gives a detailed account of the Bank’s affairs during the financial year of
2007.
4. The Audit Board has examined the Report of the Official Auditors and the Legal Accounts Certificate
issued by them, and we hereby declare our agreement with the same, for the purposes of Article
452.2 of the Companies Code.
5. In conclusion, the Audit Board recommends that the General Meeting:
a) Approves the Directors' Report for the Financial Year ended on 31 December 2007.
b) Approves the Accounts for the same financial year.
c) Approves the proposal for the Distribution of Profits contained in the Directors' Report, which
accords with the relevant legal requirements (Article 97.1 of the General Regulations for Credit
Institutions and Finance Companies).
d) Under the terms of Article 455 of the Companies Code, assesses the work of the Bank's Directors
and the Audit Board.
e) Expresses its appreciation to the employees of the Bank, for the help they have given the company
boards in the exercise of their duties.
Lisbon, 14 March 2008
Dr. FERNANDO MÁRIO TEIXEIRA DE ALMEIDA – Chairman
Dr. ANTÓNIO ERNESTO NETO DA SILVA
Dr. JOSÉ LINO TRANQUADA GOMES
214
ADDITIONAL DISCLOSURES
_
5. LEGAL ACCOUNTS CERTIFICATE AND AUDIT BOARD
INTRODUCTION
1. In accordance with the applicable legislation, we present the Report of the Statutory and
External Auditor on financial information contained in the Management Report and Financial
Statements attached, for the financial year ended 31 December 2007, of Banif - Banco
Internacional do Funchal, SA, which comprise: the Balance Sheet as at 31 December 2007
(presenting a total of 7.797.381 thousand euros and total shareholders' equity of 346.523
thousand euros, including a net profit for the year of 26.073 thousand euros), the Income
Statements by Nature, the Statement of Changes in Shareholders’ Equity and the Statement
of Cash Flows for the year then ended, and the corresponding Notes.
RESPONSIBILITIES
2. The Company’s Board of Directors is responsible for:
a) the preparation of the financial statements that present in a true and appropriate manner the
financial position of the Bank, the result of its operations and cash flows;
b) the historic financial information, that shall be prepared in accordance with generally accepted
accounting principles and that is complete, true, current, clear, objective and licit, as required by the
Securities Code (“Código dos Valores Mobiliários”);
c) the adoption of appropriate accounting policies and criteria;
d) the maintenance of an appropriate internal control system; and
e) the information on any relevant event that had influenced the Company’s activity, financial
position and results.
3. Our responsibility comprises the verification of the financial information contained in the documents
referred to above, namely if it is complete, true, current, clear, objective and licit, as required by the
Securities Code, with the objective of expressing a professional and independent opinion, on such
information, based on our audit.
SCOPE
4. Our audit was conducted in accordance with the auditing and technical standards issued by the
Institute of Statutory Auditors (“Ordem dos Revisores Oficiais de Contas”), which require an audit
to be planned and performed with the objective of obtaining an acceptable level of assurance as to
whether the financial statements are free of material misstatement. As such, our audit included:
- the verification, on a test basis, of evidence supporting the amounts and disclosures in the financial
statements and the assessment of the estimates, based on judgements and criteria defined by the
215
_
Board of Directors, used in preparing the financial statements;
- the assessment of whether the accounting policies adopted and their disclosure are appropriate,
under the circumstances;
- the verification of the appropriateness of the going concern principle;
- the assessment as whether the overall presentation of the financial statements is adequate; and
- the assessment as whether the financial information is complete, true, current, clear, objective
and licit.
5. Our examination also covered the verification of the consistency of the financial information included
in the Management report with the documents comprising the financial statements.
6. We believe that the examination carried out provides an acceptable basis for the expression of our
opinion.
OPINION
7. In our opinion, the financial statements referred to above presents a true and fair view, in all material
respects, of the financial position of Banif - Banco Internacional do Funchal, SA as at 31 December
2007 and the results of its operations and cash flows for the year then ended, in accordance with
Adjusted Accounting Standards, as defined by the Bank of Portugal in Noticee 1/2005, and the information
included is complete, true, current, clear, objective and licit.
Lisbon, 12 March 2008
ERNST & YOUNG AUDIT & ASSOCIADOS – SROC, SA
Official Audit Firm (No. 178)
Registered with the Stock Market Exchange under no. 9011
Represented by:
João Carlos Miguel Alves (ROC no. 896)
216
ANNEXES
Annexes
_
MANAGEMENT
Commercial Department for the Autonomous Region of Madeira
José Carlos Oliveira Rôlo
Branch Network Department
João José Gonçalves de Sousa
Legal Department
Miguel Oleiro Morais Alçada
Auditing and Inspection Department
Pedro Manuel Alves Madeira
Agency Channels Department
Luis Filipe Ramalho Proença
Accounting, Budget and Statistics Department
Nuno Henrique Oliveira Pimentel
Mortgage Lending Department
Paulo Alexandre Macieira Baptista
Corporate and Private Department
Jorge Manuel Silveira Nunes
Global Risk Management Department
Ana Margarida da Costa Pedro Pinto
Marketing and Communication Department
Fernando Manuel Coimbra de Paula
Strategic Marketing Department
Luis Filipe das Neves Lounet Costa
Means of Payment Department
Manuel Augusto Valente Orta Campos de Oliveira
Organization and Quality Department
José Teixeira Leandro
Administrative and General Services Department
Ana Maria Fernandes Amaro
Retail Credit Department
António Cachim Madaíl
219
_
Credit Recovery Department
António Manuel Silva Gomes
Human Resources Department
Manuel Francisco Mendes
Direct Network Department
Manuel Diogo Pereira Neto
Operation Department
José Júlio Valente Geraldes
Financial Department
Basilio Filipe Pereira Leal
International Department
Gladstone Medeiros de Siqueira
International Private Banking Unit
José de Sousa Rosa
Cross-Selling and Cooperation Agreements
Rui Sá Pereira Silva
Customer Support Office
José de Sousa Rosa
220
ANNEXES
_
NATIONWIDE BRANCHES
CENTRAL OFFICE
Av. José Malhoa, 22
1099-012 LISBOA
Tel: 217 211 200
Fax: 217 211 201
HEAD OFFICE
R. de João Tavira, 30
9004-509 FUNCHAL
Tel: 291 207 700
Fax: 291 207 757
NORTHEN REGION MAIN OFFICE
Av. dos Aliados, 133
4000-067 PORTO
Tel: 222 078 500
Fax: 222 078 501
221
_
_
BRANCH NETWORK SOUTHERN REGION
ABRANTES
Avenida D. João I, lote 4, r/c Dto
2200-233 ABRANTES
Phone: 241 330 340
Fax: 241 330 349
ALMEIRIM
R. 5 de Outubro, 109
2080-052 ALMEIRIM
Phone: 243 570 080
Fax: 243 570 089
ARRUDA DOS VINHOS
Av. Eng. Adriano Brito da Conceição
2630-299 ARRUDA DOS VINHOS
Phone: 263 979 060
Fax: 263 979 069
ALBUFEIRA
R. M.F.A., 119
8200-157 ALBUFEIRA
Phone: 289 580 330
Fax: 289 580 339
ALMIRANTE REIS
Av. Almirante de Reis, 144
1150-015 LISBOA
Phone: 218 452 480
Fax: 218 452 489
AV. DE ROMA
Av. de Roma, 20 C/D
1000-265 LISBOA
Phone: 218 411 440
Fax: 218 411 449
ALCÂNTARA
Rua João de Oliveira Miguens, 9 A,
Edifício Alcântara Rio
1350-187 LISBOA
Phone: 213 610 350
Fax: 213 610 359
ALTA DE LISBOA
Av. Dr. Nuno Kruz Abecassis,
Lt. 19.01.D3
1750-456 LISBOA
Phone: 217 530 720
Fax: 217 530 729
AV. 5 DE OUTUBRO
Av. 5 de Outubro, 137A / 137C
1050-052 LISBOA
Phone: 217 817 250
Fax: 217 817 259
ALCOBAÇA
Pç. João de Deus Ramos, Lt. C
2460-055 ALCOBAÇA
Phone: 262 590 150
Fax: 262 590 159
ALVERCA
Est. Nacional 10, 42
2615 ALVERCA
Phone: 219 578 900
Fax: 219 578 909
ALGÉS
R. Ernesto da Silva, 49
1495-056 LISBOA
Phone: 214 118 340
Fax: 214 118 349
AMADORA
R. Elias Garcia, 273
2700-321 AMADORA
Phone: 214 989 970
Fax: 214 989 979
ALMADA
Av. 25 de Abril, 50 A/B
2800-299 ALMADA
Phone: 212 725 190
Fax: 212 725 199
AMOREIRAS
R. Carlos Alberto Mota Pinto
C. C. Diana Park
1070-046 LISBOA
Phone: 213 814 850
Fax: 213 814 859
ALMANCIL
R. Vale Formoso, 244 / 248
8135-148 ALMANCIL
Phone: 289 350 080
Fax: 289 350 089
ARMAÇÃO DE PÊRA
Urbanização Abranches
Edificio Amendoeiras, lote 4, Loja A
8365-149 ARMAÇÃO DE PÊRA
Phone: 282 310 440
Fax: 282 310 449
AV. DA IGREJA
Av. da Igreja, 32 / 32 A
1700-238 LISBOA
Phone: 218 438 830
Fax: 218 438 839
BARREIRO
Av. do Bocage, 27 A
2830-001 BARREIRO
Phone: 212 170 950
Fax: 212 170 959
BATALHA
R. D. Filipa de Lencastre, lt. 6 R/C Esq.
2440-116 BATALHA
Phone: 244 769 190
Fax: 244 769 199
BEJA
Pç. do Ultramar, 1 / 1 A
7800-429 BEJA
Phone: 284 312 340
Fax: 284 312 349
222
ANNEXES
BENFICA
Est. de Benfica, 507 / 507 A
1500-084 LISBOA
Phone: 217 122 230
Fax: 217 122 239
CASCAIS
Av. 25 de Abril, 93
2750-513 CASCAIS
Phone: 214 838 690
Fax: 214 838 699
FARO - S. LUÍS
Lg. Dr. Francisco Sá Carneiro, 38
8000-151 FARO
Phone: 289 899 570
Fax: 289 899 579
BOMBARRAL
R. D. Afonso Henriques, n.º 22, lj. 1
2540-081 BOMBARRAL
Phone: 262 600 120
Fax: 262 600 129
CASTILHO
R. Castilho, 32 R/C
1250-070 LISBOA
Phone: 213 113 140
Fax: 213 113 149
FÁTIMA
R. Dr. Júlio Constantino,
Ed. Anjo de Portugal, Lj. 6
2495-908 FÁTIMA
Phone: 249 530 370
Fax: 249 530 379
CACÉM
Av. dos Bons Amigos, 46 A
2735-074 CACÉM
Phone: 219 188 630
Fax: 219 188 639
CHARNECA DA CAPARICA
R. Marco Cabaço, 22 R/C
2815-214 CHARNECA DA CAPARICA
Phone: 212 978 160
Fax: 212 978 169
CALDAS DA RAINHA
Hemiciclo João Paulo II, 2 R/C
2500-212 CALDAS DA RAINHA
Phone: 262 840 450
Fax: 262 840 459
ENTRONCAMENTO
Av. Dr. José Eduardo Victor das Neves,
lt. 1B, lj.A/B
2330-066 ENTRONCAMENTO
Phone: 249 729 150
Fax: 249 729 159
FÓRUM OEIRAS
Rua Dr. José da Cunha, lt. 10 loja B
2780-187 OEIRAS
Phone: 21 454 04 40
Fax: 21 454 04 49
ÉVORA
R. Serpa Pinto, 42 R/C
7000-537 ÉVORA
Phone: 266 757 550
Fax: 266 757 559
HOSPITAL DE FARO
R. Leão Penedo
8000-386 FARO
Phone: 289 807 356
Fax: 289 820 290
EXPO
Al. dos Oceanos, Lt. P04.07.01, Lj. 6
1990-118 LISBOA
Phone: 218 922 920
Fax: 218 922 929
INFANTADO
R. Vasco da Gama, 14 loja B
2670-393 LOURES
Phone: 219 844 830
Fax: 219 844 839
FARO
R. Ivens, 16
8000-364 FARO
Phone: 289 894 450
Fax: 289 894 459
JOSÉ MALHOA
Av. José Malhoa, 22
1099-012 LISBOA
Phone: 217 211 402
Fax: 217 211 401
CAMPO OURIQUE
R. Ferreira Borges, 121
1350-128 LISBOA
Phone: 213 804 100
Fax: 213 804 109
CARREGADO
Qta. do Poço, Urb. Quinta Nova, bl. 12 lj. 2
3580-649 CARREGADO
Phone: 263 860 210
Fax: 263 860 219
CARTAXO
Rua Serpa Pinto, 25 A
2070-116 CARTAXO
Phone: 243 750 160
Fax: 243 750 169
223
FOGUETEIRO
Av. 1º de Maio, 95 A/B
2845-601 AMORA
Phone: 212 276 660
Fax: 212 276 669
LAGOA
R. Dr. Francisco Sá Carneiro, Lt. 4
8400-386 LAGOA
Phone: 282 380 360
Fax: 282 380 369
LOULÉ
Av. José da Costa Mealha, 60
8100-531 LOULÉ
Phone: 289 420 260
Fax: 289 420 269
MONTIJO
Rua Serpa Pinto, 6
2870-363 MONTIJO
Phone: 212 326 350
Fax: 212 326 359
LAGOS
Av. dos Descobrimentos, Lt. 6/7
8600-645 LAGOS
Phone: 282 770 920
Fax: 282 770 929
LOURES
R. Barbosa de Resende, 20 R/C
2670-420 LOURES
Phone: 219 828 110
Fax: 219 828 119
NOVA LEIRIA
R. 22 de Maio, lt. 10 Ed. Praça Nova
2415-396 LEIRIA
Phone: 244 845 400
Fax: 244 845 409
LAPA
R. da Lapa, 2
1200-304 LISBOA
Phone: 213 932 800
Fax: 213 932 809
LUMIAR
Av. Rainha D. Amélia, 14 A/B
1600-677 LISBOA
Phone: 217 520 600
Fax: 217 520 609
ODIVELAS
R. Dr. Alexandre Braga, 1 R/C frt.
2675-274 ODIVELAS
Phone: 219 381 100
Fax: 219 381 109
LARANJEIRAS
R. Abranches Ferrão, 4 R/C B
1600-001 LISBOA
Phone: 217 203 010
Fax: 217 203 019
MALVEIRA
Av. 25 de Abril, 16 D
2665-200 MALVEIRA
Phone: 219 666 960
Fax: 219 666 969
OEIRAS
C. C. Palmeiras, Lj. 60
2780-151 OEIRAS
Phone: 214 569 550
Fax: 214 569 559
LARANJEIRO
R. da Cruz Vermelha, 15 B
2810-196 ALMADA
Phone: 212 586 660
Fax: 212 586 669
MARINHA GRANDE
Av. Victor Galo, 93
2430-202 MARINHA GRANDE
Phone: 244 574 540
Fax: 244 574 549
OLAIAS
Av. Afonso Costa, 22 r/c
1900-036 LISBOA
Phone: 218 458 120
Fax: 218 458 129
LEIRIA
Av. Marquês de Pombal, Lt. 1
Bl. A R/C
2410-152 LEIRIA
Phone: 244 830 030
Fax: 244 830 039
MOITA
Lg. Trabalhador Rural, 14 R/C
2860-422 MOITA
Phone: 212 808 330
Fax: 212 808 339
OLHÃO
Av. da República, 46 Lj. 2
8700-310 OLHÃO
Phone: 289 700 270
Fax: 289 700 279
MONTEMOR-O-NOVO
Av. Gago Coutinho, 17 A/C/D
7050-097 MONTEMOR-O-NOVO
Phone: 266 898 700
Fax: 266 898 709
OURÉM
Av. D. Nuno Alvares Pereira, 68 R/C
2490-484 OURÉM
Phone: 249 540 710
Fax: 249 540 719
LINDA A VELHA
Av. 25 de Abril de 1974, n.º 23/23A
2795-227 LINDA A VELHA
Phone: 214 152 420
Fax: 214 152 429
224
ANNEXES
225
PAREDE
R. Machado dos Santos, Casa dos Provérbios, 18 B
2775-236 PAREDE
Phone: 214 585 880
Fax: 214 585 889
QUARTEIRA
R. 25 de Abril
8125-170 QUARTEIRA
Phone: 289 300 380
Fax: 289 300 389
SANTARÉM
Av. Bernardo Santareno, 39A R/C
2000-153 SANTARÉM
Phone: 243 377 050
Fax: 243 377 059
PENICHE
R. Ramiro Matos Bilhau, 8/10
2520-486 PENICHE
Phone: 262 790 220
Fax: 262 790 229
QUELUZ
Av. Joaquim Luís, 9 R/C esq.
2745-290 QUELUZ
Phone: 214 309 110
Fax: 214 309 119
SANTO ANTÓNIO DOS CAVALEIROS
Casal do Almirante, lt. 4 R/C lj. 5
2660-441 SANTO ANTÓNIO DOS CAVALEIROS
Phone: 219 896 720
Fax: 219 896 729
POMBAL
R. Prof. Carlos Alberto Mota Pinto, 55
3100-492 POMBAL
Phone: 236 200 730
Fax: 236 200 739
RESTELO
Av. Ilha da Madeira, n.º 22A
1400-204 LISBOA
Phone: 213 042 090
Fax: 213 042 099
SEIXAL
Av. Vasco da Gama, 19
Quinta D. Maria
2840-746 SEIXAL
Phone: 212 275 400
Fax: 212 275 409
PORTALEGRE
R. D. Nuno Alvares Pereira, 51/53
7300-200 PORTALEGRE
Tel: 245 309 840
Fax: 245 309 849
RIO MAIOR
Av. Paulo VI, Lt. 92
2040-325 RIO MAIOR
Phone: 243 909 770
Fax: 243 909 779
PORTIMÃO
R. Judice Biker, 28
8500-701 PORTIMÃO
Phone: 282 490 800
Fax: 282 490 809
RUA DO OURO
R. do Ouro, 50 / 54
1100-063 LISBOA
Phone: 213 241 300
Fax: 213 241 309
PORTIMÃO - FOZ DO ARADE
R. da Fábrica Liberdade, Edifício Fábrica, Bloco D, lj. 2
8500-607 PORTIMÃO
Phone: 282 405 170
Fax: 282 405 179
SACAVÉM
R. Estado da Índia, 26A / 26D
2685-052 SACAVÉM
Phone: 219 407 340
Fax: 219 407 349
PRINCÍPE REAL
R. D. Pedro V, n.º 90/92
1250 - 094 LISBOA
Phone: 213 407 300
Fax: 213 407 309
SANTA EULÁLIA
Est. de Santa Eulália,
Ed. Pórtico, Lj. H
8200-269 ALBUFEIRA
Phone: 289 599 870
Fax: 289 599 879
SETÚBAL
Pç. Do Bocage, 76
2900-276 SETÚBAL
Phone: 265 529 730
Fax: 265 529 739
SETÚBAL - BAIRRO DO LICEU
Av. Dr. António Rodrigues Manito, 24
2900-058 SETÚBAL
Phone: 265 546 010
Fax: 265 546 019
SINES
Av. General Humberto Delgado, lt. 1
7620-105 SINES
Phone: 269 750 200
Fax: 269 750 209
SINTRA
Av. Movimento das Forças Armadas, 66 a 70
2710-434 SINTRA
Phone: 219 249 930
Fax: 219 249 939
TAVIRA
R. José Pires Padinha, 116 / 118
8800-354 TAVIRA
Phone: 281 380 780
Fax: 281 380 789
VÁRZEA / TORRES VEDRAS
R. António Leal Ascenção, n.º 18 B
2560-309 TORRES VEDRAS
Phone: 261 337 040
Fax: 261 337 049
TELHEIRAS
R. Padre Américo, 32-B Lj. 2
1600-865 LISBOA
Phone: 217 104 100
Fax: 217 104 109
VILA FRANCA DE XIRA
R. Alves Redol, 96 R/C
2600-098 V. F. XIRA
Phone: 263 280 360
Fax: 263 280 369
TIRES
Av. Padre Agostinho Pereira da Silva,
lt. A R/C Esq.
2785-804 SÃO DOMINGOS DE RANA
Phone: 214 489 900
Fax: 214 489 909
VILAMOURA
Av. Tivoli, Condomínio Mourapraia,
lt. 2.7 - Vilamoura
8125-410 QUARTEIRA
Phone: 289 381 210
Fax: 289 381 219
TOMAR
R. de Coimbra, 103
2300-471 TOMAR
Phone: 249 329 250
Fax: 249 329 259
TORRES NOVAS
R. Miguel Bombarda, 75
2350-449 TORRES NOVAS
Phone: 249 810 050
Fax: 249 810 059
TORRES VEDRAS
Av. General Humberto Delgado, 15 A
2560-272 TORRES VEDRAS
Phone: 261 334 250
Fax: 261 334 259
TRINDADE
Lg. da Trindade, 18 / 19 / 20
1200-466 LISBOA
Phone: 213 223 480
Fax: 213 223 489
226
ANNEXES
_
BRANCH NETWORK NORTHEREN REGION
ÁGUEDA
Av. Dr. Eugénio Ribeiro, 2 / 4
3750-146 ÁGUEDA
Phone: 234 612 380
Fax: 234 612 389
ALBERGARIA A VELHA
Alameda 5 de Outubro
3850-005 ALBERGARIA A VELHA
Phone: 234 520 080
Fax: 234 520 089
ALFENA
R. 1º de Maio, n.º 653/655
4445-003 ALFENA
Phone: 229 698 640
Fax: 229 698 649
ALIADOS
Av. dos Aliados, 107 / 109
4000-067 PORTO
Phone: 222 078 500
Fax: 222 078 505
ALPENDORADA E MATOS
Av. Francisco Sá Carneiro, fracção M
4575-052 ALPENDORADA E MATOS
Phone: 255 618 070
Fax: 255 618 079
AMARANTE
Rua Estrada Real
nº 176
4600-078 AMARANTE
Phone: 255 410 120
Fax: 255 410 129
ANADIA
Av. José Luciano de Castro
3780-204 ANADIA
Phone: 231 510 760
Fax: 231 510 769
227
ANTAS
Alameda das Antas, 201
Ed. Alameda
4350-413 PORTO
Phone: 225 072 150
Fax: 225 072 159
ARCOS DE VALDEVEZ
R. Dr. Joaquim Carlos Cunha Cerqueira, 17
4970-457 ARCOS DE VALDEVEZ
Phone: 258 520 370
Fax: 258 520 379
ARCOZELO
R. da Boavista da Estrada,
408 R/C Bl. F
4405-023 ARCOZELO VNG
Phone: 227 536 510
Fax: 227 536 519
AREOSA
R. Costa Cabral, 2685
4200-033 PORTO
Phone: 225 420 750
Fax: 225 420 759
AVEIRO
R. Conselheiro Luís Magalhães, 15
3800-137 AVEIRO
Phone: 234 400 630
Fax: 234 400 639
AVEIRO / GLICÍNIAS
Av. D. Frei Miguel de Bulhões e Sousa, 22
Ed. Glicínias Park
3810-498 AVEIRO
Phone: 234 378 000
Fax: 234 378 009
PORTO - AVIS
Av. Boavista, 3477
4100-139 PORTO
Phone: 226 166 310
Fax: 226 166 319
BARCELINHOS
R. Prof. Celestino Costa, Bl. 1, lj. 3
4756-058 BARCELOS
Phone: 253 830 170
Fax: 253 830 179
BARCELOS
R. Fernando Magalhães,
Ed. Barrocas
4750-290 BARCELOS
Phone: 253 808 320
Fax: 253 808 329
BOAVISTA
Av. da Boavista, 1742
4100-116 PORTO
Phone: 226 051 410
Fax: 226 051 419
BRAGA
R. dos Chãos, 33 a 41
4710-230 BRAGA
Phone: 253 203 140
Fax: 253 203 149
BRAGA / FERREIROS
R. Cidade do Porto, n.º 194
4705-084 BRAGA
Phone: 253 303 190
Fax: 253 303 199
BRAGA / LAMAÇÃES
R. Dr. Egídio Guimarães,
56 R/C Esq.
4715-248 BRAGA
Phone: 253 250 330
Fax: 253 250 339
BRAGANÇA
Avª Sá Carneiro, 114
5300-252 BRAGANÇA
Phone: 273 302 610
Fax: 273 302 619
BRITO / GUIMARÃES
Rua de Camões, 230
4805-019 BRITO
Phone: 253 470 230
Fax: 253 470 239
CASTELO BRANCO
Av. 1º de Maio, 91 / 93
6000-086 CASTELO BRANCO
Phone: 272 348 160
Fax: 272 348 169
ESPINHO
R. 19, 915 / 917 R/C
4500-254 ESPINHO
Phone: 227 330 740
Fax: 227 330 749
CABECEIRAS DE BASTO
Prç. da República
4860-355 CABECEIRAS DE BASTO
Phone: 253 760 060
Fax: 253 760 069
CASTELO DA MAIA
Via Eng. Belmiro Mendes de Azevedo, 314 Castelo da
Maia
4475-401 MAIA
Phone: 229 865 030
Fax: 229 865 039
ESTARREJA
R. Dr. Manuel Andrade,
139 R/C
3860-372 ESTARREJA
Phone: 234 810 610
Fax: 234 810 619
CACIA
Estrada Nacional 109
Variante Cacia
3800-138 CACIA
Phone: 234 910 870
Fax: 234 910 879
CHAVES
R. 25 de Abril
5400-015 CHAVES
Phone: 276 340 010
Fax: 276 340 019
FAFE
R. António Saldanha, 9
4820-167 FAFE
Phone: 253 700 910
Fax: 253 700 919
CAMPANHÃ
R. Pinto Bessa, 140
4300-427 PORTO
Tel: 225 899 490
Fax: 225 899 499
COIMBRA
Lg. da Portagem, 25
3000-337 COIMBRA
Tel: 239 852 040
Fax: 239 852 049
FÂNZERES
Avª da Carvalha, 498 R/C Esq.
4510-518 FÂNZERES
Phone: 224 854 530
Fax: 224 854 539
CAMPO ALEGRE
R. do Campo Alegre, 147 / 160
4150-177 PORTO
Phone: 226 052 280
Fax: 226 052 289
CONSTITUIÇÃO
R. da Constituição, 48
4200-191 PORTO
Phone: 225 573 200
Fax: 225 573 209
FELGUEIRAS
Gaveto da Rua Dr. Ribeiro Magalhães,
Lt. 1 A R/C
4610 FELGUEIRAS
Phone: 255 318 540
Fax: 255 318 549
CANTANHEDE
Quinta de S. Mateus, Lt. 3 B, Lj. G
3060-209 CANTANHEDE
Phone: 231 419 070
Fax: 231 419 079
COVILHÃ
Quinta das Palmeiras - Norte, Lt. 4
6200-327 COVILHÃ
Phone: 275 329 430
Fax: 275 329 439
CARVALHIDO
R. da Constituição, 2244 R/C
4250-164 PORTO
Phone: 228 348 720
Fax: 228 348 729
ERMESINDE
Av. João de Deus, 709
4445-474 ERMESINDE
Phone: 229 783 480
Fax: 229 783 489
FIGUEIRA DA FOZ
Pç. General Freire de Andrade,
42 / 46 R/C
3080-058 FIGUEIRA DA FOZ
Phone: 233 401 800
Fax: 233 401 809
FUNDÃO
R. dos Três Lagares, Lt. 1 R/C
6230-421 FUNDÃO
Phone: 275 750 590
Fax: 275 750 599
228
ANNEXES
GONDOMAR
R. Bento de Jesus Caraça, 249
4420-044 GONDOMAR
Phone: 224 664 180
Fax: 224 664 189
LOUSÃ
Av. Dr. José Cardoso, Lt. 15
3200-202 LOUSÃ
Phone: 239 990 070
Fax: 239 990 079
MIRANDELA
R. da República, 32
5370-347 MIRANDELA
Phone: 278 201 040
Fax: 278 201 049
GUARDA
R. Marquês de Pombal, 45 R/C
6300-728 GUARDA
Phone: 271 208 860
Fax: 271 208 869
MACEDA
R. de São Pedro 1437
Ed. Brasil, Bl. A R/C Esq.
3885-771 MACEDA
Phone: 256 790 850
Fax: 256 790 859
MORTÁGUA
Av. Dr. José Assis e Santos,
C. C. Mortágua, Lj. R/C
3450-123 MORTÁGUA
Phone: 231 927 550
Fax: 231 927 559
MAIA
Av. D. Manuel II, 1926
4470-334 MAIA
Phone: 229 437 550
Fax: 229 437 559
MOZELOS
R. Central de Goda, 712 R/C
4535 MOZELOS
Phone: 227 470 270
Fax: 227 470 279
MANGUALDE
Lg. do Rossio, 138
3530-133 MANGUALDE
Phone: 232 620 180
Fax: 232 620 189
OLIVEIRA DE AZEMÉIS
R. Luís Camões
C. C. Rainha, Piso -1 Lj. 3 A
3720-232 OLIVEIRA DE AZEMÉIS
Phone: 256 666 350
Fax: 256 666 359
GUIMARÃES
Lg. do Toural, 106
4810-427 GUIMARÃES
Phone: 253 423 250
Fax: 253 423 259
HOSPITAL PEDRO HISPANO
R. Dr. Eduardo Torres
4464-513 SENHORA DA HORA
Phone: 229 392 050
Fax: 229 392 059
LARGO DO PADRÃO
R. de Santo Ildefonso, 341
4000-471 PORTO
Phone: 225 899 850
Fax: 225 899 859
LEÇA DA PALMEIRA
Av. Dr. Fernando Aroso, 676 / 688
4450-663 MATOSINHOS
Phone: 229 999 980
Fax: 229 999 989
LOUSADA
Prç. das Pocinhas, 12
4620-657 LOUSADA
Phone: 255 820 260
Fax: 255 820 269
229
MARCO DE CANAVESES
Av. Gago Coutinho
Ed. Santa Maria, Lj. 3 e 4
4630-206 MARCO DE CANAVESES
Phone: 255 538 210
Fax: 255 538 219
OLIVEIRA DE FRADES
Av. Dr. Arménio Maia, 1 R/C dto.
3680-115 OLIVEIRA DE FRADES
Phone: 232 767 000
Fax: 232 767 009
MATOSINHOS
R. Brito Capelo, 311 R/C
4450-073 MATOSINHOS
Phone: 229 397 570
Fax: 229 397 579
PAÇOS DE FERREIRA
Av. D. Silvia Cardoso, 172
4590 PAÇOS DE FERREIRA
Phone: 255 860 370
Fax: 255 860 379
MATOSINHOS / PARQUE
R. 1º de Maio, 140
4450-230 MATOSINHOS
Phone: 229 398 830
Fax: 229 398 839
PADRÃO DA LÉGUA
R. Nova do Seixo, 1130
4465-706 LEÇA DO BAILIO
Phone: 229 578 510
Fax: 229 578 519
PAREDES
Av. Dr. Francisco Sá Carneiro
Ed. Garça Real, R/C 115
4580-104 PAREDES
Phone: 255 788 790
Fax: 255 788 799
PENAFIEL
Av. Sacadura Cabral, 267 / 269
4560-480 PENAFIEL
Phone: 255 718 970
Fax: 255 718 979
PESO DA RÉGUA
Av. da Galiza, Ed. Hages
5050-222 PESO DA RÉGUA
Phone: 254 320 160
Fax: 254 320 169
PONTE DA PEDRA
R. Godinho Faria, n.º 1431 / 1441
4465-645 - LEÇA DO BALIO
Phone: 229 069 720
Fax: 229 069 729
PONTE DE LIMA
R. Dr. Casiano Batista,
Ed. Gaveto do Sobral, Lj. B
4990-144 PONTE DE LIMA
Phone: 258 900 170
Fax: 258 900 179
PÓVOA DE LANHOSO
Av. da República, n.º 129
4530-513 PÓVOA DO LANHOSO
Phone: 253 730 060
Fax: 253 730 069
PÓVOA DE VARZIM
Av. Vasco da Gama, 73 R/C
4490 PÓVOA DE VARZIM
Phone: 252 690 701
Fax: 252 690 709
RIO TINTO
R. Pedro Álvares Cabral, 526
4435-386 RIO TINTO
Phone: 224 854 760
Fax: 224 854 769
SEIA
Av. 1º de Maio, Lt. 3 R/C Esq.
6270-479 SEIA
Phone: 238 320 140
Fax: 238 320 149
SANTA MARIA DA FEIRA
R. Dr. Francisco Sá Carneiro, 3
4520-164 SANTA MARIA DA FEIRA
Phone: 256 315 030
Fax: 256 315 039
SEIXEZELO
R. da Brecha, 71 - Seixezelo
4415-926 VILA NOVA DE GAIA
Phone: 227 473 190
Fax: 227 473 199
S. JOÃO DA MADEIRA
Av. Renato Araújo, 233
3700-245 S. JOÃO DA MADEIRA
Phone: 256 837 060
Fax: 256 837 069
SENHORA DA HORA
Av. Calouste Gulbenkian,
1238, R/C
4460-265 SENHORA DA HORA
Phone: 229 577 930
Fax: 229 577 939
S. JOÃO DA MADEIRA /SUL
AV. Dr. Renato Araújo, 1928 R/C
3700-241 S. JOÃO DA MADEIRA
Phone: 256 815 020
Fax: 256 815 029
SÁ DA BANDEIRA
R. Sá da Bandeira, 589
4000-428 PORTO
Phone: 223 392 380
Fax: 223 392 389
SANGALHOS
R. do Comércio,
Ed. Laraluso, R/C Dto.
3780-124 SANGALHOS
Phone: 234 730 120
Fax: 234 730 129
SANTO TIRSO
Avenida Sousa Cruz, n.º 135
4780-365 SANTO TIRSO
Phone: 252 830 350
Fax: 252 830 359
TROFA
R. Abade Inácio Pimentel, 78
4785 TROFA
Phone: 252 400 590
Fax: 252 400 599
VAGOS
R. Pdr. Vicente Maria da Rocha,
120 R/C Esq.
3840 VAGOS
Phone: 234 790 110
Fax: 234 790 119
VALE DE CAMBRA
Av. Camilo Tavares de Matos, 332
3730-240 VALE DE CAMBRA
Phone: 256 400 000
Fax: 256 400 009
VALENÇA
Av. Sá Carneiro, fracção J
Sítio de Val Flores
4930-747 VALENÇA
Phone: 251 800 410
Fax: 251 800 419
230
ANNEXES
VALONGO
Av. 5 de Outubro,
Ed. Bombeiros
4440 VALONGO
Phone: 224 227 440
Fax: 224 227 449
VIANA - LICEU
R. Eça de Queiroz, Torre Active Centre
4900-432 VIANA DO CASTELO
Phone: 258 839 170
Fax: 258 839 179
VIANA DO CASTELO
R. Aurora do Lima, 130
4900-516 VIANA DO CASTELO
Phone: 258 808 420
Fax: 258 808 429
VILA DA LIXA
R. das Vitórias,
Ed. Vila Nova - 2º piso
4615 VILA DA LIXA
Phone: 255 490 200
Fax: 255 490 209
VILA DAS AVES
Lg. Dr. Braga da Cruz, 90 R/C
4795-015 VILA DAS AVES
Phone: 252 820 520
Fax: 252 820 529
VILA DO CONDE
Al. dos Descobrimentos, 27
4480-668 VILA DO CONDE
Phone: 252 240 300
Fax: 252 240 309
VILA MEÃ
R. Prf. Dr. Luís Mendes Araújo
4605 VILA MEÃ
Phone: 255 730 200
Fax: 255 730 209
231
VILA NOVA DE FAMALICÃO
Campo Mouzinho de Albuquerque, 132
4760 VILA NOVA DE FAMALICÃO
Phone: 252 301 300
Fax: 252 301 309
VILA NOVA DE GAIA
Av. da República, 688
4430-190 VILA NOVA DE GAIA
Phone: 223 770 240
Fax: 223 770 249
VILA REAL
R. Santa Sofia, 25 R/C
5000-680 VILA REAL
Phone: 259 340 410
Fax: 259 340 419
VILA VERDE
R. do Professor, 18
4730-688 VILA VERDE
Phone: 253 310 230
Fax: 253 310 239
VISEU
Pç. da República, 3
3500-105 VISEU
Phone: 232 484 000
Fax: 232 484 009
VISEU - VIRIATO
R. Imaculado Coração de Maria
Ed. Viriato , 51 R/C Esq.
3500-842 VISEU
Phone: 232 483 700
Fax: 232 483 709
VIZELA
Pç. do Município,
Ed. Fórum Vizela, Lj. 1.07
4815-013 VIZELA
Phone: 253 480 420
Fax: 253 480 429
_
BRANCH NETWORK AUTONOMOUS REGION OF MADEIRA
BOAVENTURA
Sítio da Igreja
9240-028 BOAVENTURA
Phone: 291 860 050
Fax: 291 860 059
EST. CÂMARA DE LOBOS
R. João Augusto Ornelas, 1
9325-032 CÂMARA DE LOBOS
Phone: 291 910 290
Fax: 291 910 299
CAMACHA
Lg. Conselh. Aires de Ornelas, 8
9135-010 CAMACHA
Phone: 291 920 160
Fax: 291 920 169
ESTREITO DA CALHETA
Sítio dos Reis
9370-220 CALHETA
Phone: 291 820 180
Fax: 291 820 189
CÂMARA DE LOBOS
R. Pdr. Eduardo Clemente Nunes Pereira, 37
9300-116 CÂMARA DE LOBOS
Phone: 291 910 400
Fax: 291 910 409
HOSPITAL CRUZ DE CARVALHO
Av. Luís de Camões
9004-514 FUNCHAL
Phone: 291 759 702
Fax: 291 759 999
CANCELA PARK
C. C. Cancela Park,
Estrada do Garajau - Sítio da Quinta
9125-254 CANIÇO
Phone: 291 930 020
Fax: 291 930 020
INFANTE
Av. Arriaga, 75
9000-060 FUNCHAL
Phone: 291 201 070
Fax: 291 201 079
CANHAS
Serrado da Cruz - Sítio do Outeiro
9360-031 CANHAS
Phone: 291 970 020
Fax: 291 970 029
CANIÇAL
Palmeira de Cima
9200-041 CANIÇAL
Phone: 291 969 330
Fax: 291 969 339
CANIÇO
Est. João Gonçalves Zarco, 49
9125-018 CANIÇO
Phone: 291 930 620
Fax: 291 930 629
JOÃO TAVIRA
R. de João Tavira, 30
9004-509 FUNCHAL
Phone: 291 207 861
Fax: 291 207 871
LIVRAMENTO
Sítio do Livramento
9360-169 PONTA DO SOL
Phone: 291 970 110
Fax: 291 970 119
LORETO
Sítio do Loreto
9370-032 ARCO DA CALHETA
Phone: 291 820 100
Fax: 291 820 109
LUÍS DE CAMÕES
Av. Luís de Camões,
Ed. Camões, Lj. E R/C
9000-168 FUNCHAL
Phone: 291 705 460
Fax: 291 705 469
MACHICO
R. do Ribeirinho, 3 B
9200-102 MACHICO
Phone: 291 969 310
Fax: 291 699 319
MADEIRA FÓRUM
Empreendimento Torres Fórum Madeira,
Lj. 1/2
9000-189 FUNCHAL
Phone: 291 768 850
Fax: 291 768 859
MADEIRA SHOPPING
C. C. Madeira Shopping, Lj. 2005
9000-283 SANTA QUITÉRIA
Phone: 291 702 410
Fax: 291 702 419
MADEIRA TECNOPOLO
C. I. Feiras e Congressos, Lj. 4
Penteada
9020-105 FUNCHAL
Phone: 291 705 450
Fax: 291 705 459
MERCADO
R. da Boa Viagem, 34 A
9050-036 FUNCHAL
Phone: 291 200 290
Fax: 291 200 299
232
ANNEXES
MONUMENTAL
Est. Monumental,
Ed. Varanda Lido, Lj. 6 R/C
9000-115 FUNCHAL
Phone: 291 700 943
Fax: 291 700 949
PAÚL DO MAR
Sítio da Igreja
9370-201 PAÚL DO MAR
Phone: 291 870 030
Fax: 291 870 039
PENTEADA
Mercado da Penteada, Lj. 10
9000-390 FUNCHAL
Phone: 291 705 430
Fax: 291 705 439
PONTA DO PARGO
Sítio do Salão de Cima
9370-999 CALHETA
Phone: 291 880 080
Fax: 291 880 089
PONTA DO SOL
Av. V Centenário
Ponta do Sol Shopping, Lj 18
9360-500 PONTA DO SOL
Phone: 291 970 050
Fax: 291 970 059
PORTO DA CRUZ
Sítio das Casas Próximas
9225-050 PORTO DA CRUZ
Phone: 291 560 070
Fax: 291 560 079
PORTO MONIZ
Hotel Moniz Sol - Sítio da Vila
9270-095 PORTO MONIZ
Phone: 291 850 090
Fax: 291 850 099
233
PORTO SANTO
R. João Gonçalves Zarco, 14
9400-166 PORTO SANTO
Phone: 291 980 100
Fax: 291 980 109
QUINTA DEÃO
R. D.João - Galerias de São João Lj. 6 / 8
9050-048 - FUNCHAL
Phone: 291 705 470
Fax: 291 705 479
RIBEIRA BRAVA
R. Gago Coutinho e Sacadura Cabral
9350-217 RIBEIRA BRAVA
Phone: 291 950 050
Fax: 291 950 059
SANTA
Est. Regional 101 - Santa
9270-093 PORTO MONIZ
Phone: 291 850 060
Fax: 291 850 069
SANTA CRUZ
R. 17 de Junho, 1/2
9100-150 SANTA CRUZ
Phone: 291 520 280
Fax: 291 520 289
SANTANA
Est Dr. João Abel de Freitas
9230-123 SANTANA
Phone: 291 570 170
Fax: 291 570 179
SANTO ANTÓNIO
Caminho de Santo António, 240
9050-321 FUNCHAL
Phone: 291 705 480
Fax: 291 705 489
SÃO MARTINHO
Av. do Colégio Militar, 12
Bairro Nazaré
9000-135 FUNCHAL
Phone: 291 700 950
Fax: 291 700 959
SÃO VICENTE
R. Dr. Alcino Drumond
9240-225 SÃO VICENTE
Phone: 291 840 030
Fax: 291 840 039
_
CORPORATE CENTERS SOUTHERN REGION
ALMADA
Av. 25 de Abril, 50 A/B - 1º
2800-299 ALMADA
Phone: 212 725 170
Fax: 212 725 179
MALHOA
Av. José Malhoa, 22 - 8º
1099-012 LISBOA
Phone: 217 211 495
Fax: 217 211 499
AMOREIRAS
R. Carlos Alberto Mota Pinto,
Ed. Diana Parque, 1º
1070-046 LISBOA
Phone: 213 814 830
Fax: 213 814 849
PORTIMÃO
R. Judice Biker, 28 - 1º
8500-701 PORTIMÃO
Phone: 282 490 812
Fax: 282 490 819
CASCAIS
Av. 25 de Abril, 93
2750-513 CASCAIS
Phone: 214 838 050
Fax: 214 838 069
SETÚBAL
Praça do Bocage, 76 - 1º
2900-434 SETÚBAL
Phone: 265 529 740
Fax: 265 529 749
FARO
R. Almeida Garret, 28
8000-206 FARO
Phone: 289 897 830
Fax: 289 897 839
LEIRIA
R. 22 de Maio, lt 10
Ed. Praça Nova
2415-396 LEIRIA
Phone: 244 830 040
Fax: 244 830 059
234
ANNEXES
_
CORPORATE CENTERS NORTHERN REGION
235
ALIADOS
Av. dos Aliados, 133 - 5º
4000-067 PORTO
Phone: 222 078 520
Fax: 222 078 504
V. N. FAMALICÃO
Campo Mouzinho de Albuquerque, 132
4760-000 V. N. FAMALICÃO
Phone: 252 309 100
Fax: 252 309 119
AVEIRO
R. Marques Gomes, 14 - 2º
3800-137 AVEIRO
Phone: 234 400 620
Fax: 234 400 629
V. N. GAIA
Av. da Républica, 688
4430-190 V. N. GAIA
Phone: 223 770 250
Fax: 223 770 269
BRAGA
R. Chãos, 41 - 2º
4170-230 BRAGA
Phone: 253 203 120
Fax: 253 203 129
VALE DO AVE - GUIMARÃES
Largo do Toural, 106 - 1º
4810-427 GUIMARÃES
Phone: 253 423 260
Fax: 253 423 269
COIMBRA
Largo da Portagem, 25 / 27 - 1º
3000-337 COIMBRA
Phone: 239 852 050
Fax: 239 852 059
VIANA DO CASTELO
R. Aurora do Lima, 130 - 1º
4900-516 VIANA DO CASTELO
Phone: 258 801 840
Fax: 258 801 849
MAIA
Av. D. Manuel II, 1926
4470-000 MAIA
Phone: 229 437 540
Fax: 229 437 549
VILA REAL
R. Santa Sofia, 25
5000-680 VILA REAL
Phone: 259 340 390
Fax: 259 340 419
S. JOÃO MADEIRA
Av. Renato Araújo, 233
3700-245 S. J. DA MADEIRA
Phone: 256 837 070
Fax: 256 837 079
VISEU
R. da Paz, 31 - 1º
3500-168 VISEU
Phone: 232 484 010
Fax: 232 484 029
_
CORPORATE CENTERS AUTONOMOUS
JOÃO TAVIRA
R. de João Tavira, 30
9004-509 FUNCHAL
Phone: 291 207 821
Fax: 291 207 836
_
BANIF PRIVATE CENTER
ALIADOS - PORTO
Av. dos Aliados, 107 / 109
4000-067 PORTO
Phone: 222 078 500
Fax: 222 078 505
[email protected]
JOSÉ MALHOA - LISBOA
Av. José Malhoa, 22
1099-012 LISBOA
Phone: 217 211 402
Fax: 217 211 401
[email protected]
FUNCHAL - EDIFÍCIO ARRIAGA
Av. Arriaga, 42 B - 5º
9000-064 FUNCHAL
Phone: 291 215 680
Fax: 291 215 689
[email protected]
_
BANIF MORTGAGE OFFICES
CAMPO ALEGRE - PORTO
Rua do Campo Alegre, 147 / 167
4150-177 PORTO
Phone: 225 430 060
Fax: 225 430 069
FUNCHAL
R. Câmara Pestana, 3
9000-043 FUNCHAL
Phone: 291 214 820
Fax: 291 214 829
236
CORPORATE CENTERS AUTONOMOUS
JOÃO TAVIRA
R. de João Tavira, 30
9004-509 FUNCHAL
Phone: 291 207 821
Fax: 291 207 836
_
BANIF PRIVATE CENTER
ALIADOS - PORTO
Av. dos Aliados, 107 / 109
4000-067 PORTO
Phone: 222 078 500
Fax: 222 078 505
[email protected]
JOSÉ MALHOA - LISBOA
Av. José Malhoa, 22
1099-012 LISBOA
Phone: 217 211 402
Fax: 217 211 401
[email protected]
FUNCHAL - EDIFÍCIO ARRIAGA
Av. Arriaga, 42 B - 5º
9000-064 FUNCHAL
Phone: 291 215 680
Fax: 291 215 689
[email protected]
BANIF MORTGAGE OFFICES
CAMPO ALEGRE - PORTO
Rua do Campo Alegre, 147 / 167
4150-177 PORTO
Phone: 225 430 060
Fax: 225 430 069
FUNCHAL
R. Câmara Pestana, 3
9000-043 FUNCHAL
Phone: 291 214 820
Fax: 291 214 829
236
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CORPORATE CENTERS AUTONOMOUS
JOÃO TAVIRA
R. de João Tavira, 30
9004-509 FUNCHAL
Phone: 291 207 821
Fax: 291 207 836
_
BANIF PRIVATE CENTER
ALIADOS - PORTO
Av. dos Aliados, 107 / 109
4000-067 PORTO
Phone: 222 078 500
Fax: 222 078 505
[email protected]
JOSÉ MALHOA - LISBOA
Av. José Malhoa, 22
1099-012 LISBOA
Phone: 217 211 402
Fax: 217 211 401
[email protected]
FUNCHAL - EDIFÍCIO ARRIAGA
Av. Arriaga, 42 B - 5º
9000-064 FUNCHAL
Phone: 291 215 680
Fax: 291 215 689
[email protected]
_
BANIF MORTGAGE OFFICES
CAMPO ALEGRE - PORTO
Rua do Campo Alegre, 147 / 167
4150-177 PORTO
Phone: 225 430 060
Fax: 225 430 069
FUNCHAL
R. Câmara Pestana, 3
9000-043 FUNCHAL
Phone: 291 214 820
Fax: 291 214 829
236
LIST OF ABBREVIATIONS
ÍNDICE DE ABREVIATURAS UTILIZADAS
Bank
Banif
Banif Go
BanifServ
Banco
Banif
Banif Go
BanifServ
BBCA
ECB
LD
ACD
MCD
CPBD
FD
RMD
ID
MCD
SMD
DMFI
BND
FRD
DND
FED
IAO
CCO
IIRO
Group
IFB
MBN
Banif - Banco Internacional do Funchal, SA
Banif - Banco Internacional do Funchal, SA
Banif Go, Instituição Financeira de Crédito, SA
BanifServ - Empresa de Serviços, Sistemas e Tecnologias
de Informação, ACE
Banco Banif e Comercial dos Açores, SA
European Central Bank
Legal Department (Banif)
Agency Channels Department (Banif)
Madeira Commercial Department (Banif)
Corporate and Private Banking Department (Banif)
Financial Department (Banif)
Risk Management Department (Banif)
International Department (Banif)
Marketing and Communication Department (Banif)
Strategic Marketing Department (Banif)
Directive 2004/39/CE, of the European Parliament
and the Council, of 21 April, on markets in financial
instruments
Branch Network Department (Banif)
Foreign Residents Department (Banif)
Direct Network Department (Banif)
United States Federal Reserve
Inspection and Audit Office (BBCA)
Customer Complaints Office
Investor and Institutional Relations Office (Banif)
Banif Financial Group
Instituto de Formação Bancária (Banking Training
Institute)
Madeira Branch Network (Banif)
BBCA
BCE
DAJ
DCA
DCRAM
DEP
DF
DGR
DI
DMC
DME
DMIF
DRA
DRE
DRD
FED
GIA
GPC
GRII
Grupo
IFB
RERAM
Banif - Banco Internacional do Funchal, SA
Banif - Banco Internacional do Funchal, SA
Banif Go, Instituição Financeira de Crédito, SA
BanifServ - Empresa de Serviços, Sistemas e Tecnologias de
Informação, ACE
Banco Banif e Comercial dos Açores, SA
Banco Central Europeu
Direcção de Assessoria Jurídica (Banif)
Direcção de Canais Agenciados (Banif)
Direcção Comercial da Região Autónoma da Madeira (Banif)
Direcção de Empresas e Banca Privada (Banif)
Direcção Financeira (Banif)
Direcção de Gestão Global de Risco (Banif)
Direcção Internacional (Banif)
Direcção de Marketing e Comunicação (Banif)
Direcção de Marketing Estratégico (Banif)
Directiva n.º 2004/39/CE, do Parlamento Europeu e do Conselho,
de 21 de Abril, relativa aos mercados de instrumentos financeiros
Direcção da Rede de Agências (Banif)
Direcção de Residentes no Exterior (Banif)
Direcção de Rede Directa (Banif)
Reserva Federal Norte-americana (Federal Reserve)
Gabinete de Inspecção e Auditoria (BBCA)
Gabinete de Provedoria do Cliente
Gabinete de Relações com Investidores e Institucionais (Banif)
Banif - Grupo Financeiro
Instituto de Formação Bancária
Rede de Agências da Região Autónoma da Madeira (Banif)
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