THE Bank Master announced the purchase of 100% of the share capital of Banco BNI Europa. The process is part of an expansion of the institution, which will start operating in the Europe.
BNI Europa is headquartered in Lisbon, Portugal, and was created in 2014, with the main shareholder being Banco BNI. Shareholders’ equity is 32 million euros, around R$202.4 million at the current price.
In a statement, Master stated that he was working through a correspondent in Europe. In this sense, the acquisition will complement the bank’s operations.
“Internationalization has always been part of our business plan. With the acquisition of BNI Europa, our objective is to make Master the bank for Brazilians in Europe”, says Daniel Vorcaro, president of Banco Master.
According to him, several factors weighed on the decision to buy a Portuguese bank, such as the large flow of Brazilians in the European country, having a complementarity in foreign exchange operations and the ease of serving Brazilian customers living in the country, both individuals and companies.
The purchase still needs to be approved by the central bank and by Banco de Portugal, responsible for regulating each country’s financial sector. After the approval of the institutions, BNI Europa will be renamed Banco Master Europa and will be the only bank with Brazilian capital operating in Portugal.
According to Banco Master, the idea is to double the current staff of BNI Europa, of 50 people, and make a capital contribution.
Reference: CNN Brasil
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