Banif Financial Group of Portugal is in the process of selling its majority stake in Banif Malta plc in line with the conditions dictated by an EU bailout agreement sealed last year with the Iberian country.

This state aid agreement obliges the group to sell all its overseas investments, not only in Malta but in other countries including Brazil.

Bank CEO Silva Pinto insisted the sale of shares would not have any impact on the bank’s operations, its management structure, the staff or customers’ savings, adding that their intention was for the bank to grow further.

It is not yet clear if the bank will retain its name or be rebranded.

More on Times of Malta and the e-paper on timesofmalta.com Premium.

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