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Banco Efisa begins official liquidation

 In Banks, Liquidations, News

Banco Efisa, which has been managed by the State vehicle Parparticipadas since 2008 following the nationalisation of BPN, is officially being wound up.

Says Expresso, the State injected €90 million into the investment bank and twice attempted to sell the institution. Because of its failure to sell the bank, the Government has decided to wind it up.
Expresso indicates that the liquidation of the bank was publicly registered on 6 November on the Justice website. (Portal Justiça)
“The Banco Efisa liquidation plan was recently approved by the Bank of Portugal with an expected period of 12 months for its execution and completion”, Parparticipadas told the online news source ECO last month.
Efisa has been managed by the Portuguese State through a vehicle since 2008. It was the private banking arm of BPN which collapsed during the start of the great financial crisis.
The last attempt to sell the bank in a €27 million potential deal to the group Bahrein IIBG Holdings was rejected by the Bank of Portugal in 2021.
There was also interest from FIRMA, described as a Portuguese special situations firm, managed by Bernardo Theotónio-Pereira and Francisco Mendes-Palma who also considered buying the banking licence to operate Banco Efisa. That too fell through.
Banco Efisa closed its 2020 accounts with own capital of €28.5 million — a fall of €2.2 million on 2019.

 


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