Portuguese Bank Banif opened its first branch in Malta this morning.

The branch, in Main Street, St Julians, was opened by President Eddie Fenech Adami in the presence of Horacio Roque, international bank president and Joe Sammut, chairman of Banif Bank (Malta).

Banif has 300 branches in Portugal and a presence in several other countries, notably in South and North America. CEO Joaquim da Silva Pinto said the bank will offer all banking services and hopes to open between 20 and 25 branches within five years, with 10 percent of the market. He promised that the bank will give greater value to customers and a more personalised service. Banif Bank Malta is a joint venture with four Maltese companies which have a minority stake. It has head offices in Gzira.

The opening of Banif Bank represents the first direct Portuguese interest in Malta since September 1798 when a Portuguese naval squadron arrived off Malta to lay siege on French troops trapped in Valletta after the uprising of the Maltese a few days earlier.

The Portuguese squadron, under the command of Rear Admiral Marquis Domingos de Nizza Reale was sent to Malta at the request of Admiral Nelson and stayed off Valletta until British warships arrived.

The Portuguese admiral gave the Maltese 500 muskets and two of his officers came ashore to advise the Maltese on the best location for their trenches and posts facing Valletta and Cottonera.