Banif seeks to sell Brazil unit by year-end
LISBON, Sept 24
LISBON, Sept 24 (Reuters) - Portugal's fourth-largest listed bank, Banif, plans to sell its Brazilian subsidiary by the end of this year and has picked Credit Suisse as an advisor for the sale, a bank spokesman said on Tuesday.
He said the Brazilian unit has 600 million euros in assets after the Portuguese bank has written off 200 million euros in impairments there, and a work force of 150 people.
"The selling process will be launched in October and the goal is to sell the Brazil unit by the end of the year," he said. "There is interest. Those interested at the moment are Brazilians," he added.
The bank, which had to resort to a capital increase, including with the help of state funds, is also seeking to sell a smaller subsidiary in Cape Verde, the spokesman added. (Reporting By Sergio Goncalves, writing by Andrei Khalip)
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