Banif Bank, bailed out by the Portuguese State, pays a millionaire bonus to its manager.

Banif, a bank in which the Portuguese State intervened with 1100 million euros of taxpayers’ money, taking over 99.2% of the bank, paid its manager in Brazil 982.3 thousand euros in “bonuses”, more than any other banker in Portugal! It should be noted that this bank had only a residual presence in the Brazilian market.

When this bank went bankrupt, who knows what the real reasons were, it also led to the irretrievable financial ruin of so many people who had their money in this bank. Therefore, first of all, those responsible for this bank should have been brought to justice, or at the very least, they should have been ashamed of stealing more money from the Portuguese, yet what happened was exactly the opposite. They indeed stole more money from the Portuguese, but this time around it was not the customers of their bank, but the taxpayers!

The following article is a translation. You can find the link to the original website at the end of it.

With the bank intervened, Conceição Leal earns 982.3 thousand euros, more than any other banker.

The weekly newspaper “Expresso” writes in its edition today that

“Banif is leaving the Brazilian market, where it has a very small operation. This did not prevent the attribution of a management bonus of 533.7 thousand euros to the administrator of Banif Banco de Investment from Brazil, in addition to a salary of 448.6 thousand euros. Conceição Leal received triple what bank president Jorge Tomé earned, and was the highest paid bank manager in Portugal. In 2012, the State began to own 99.2% of the bank”.

According to the weekly, “Conceição Leal’s total remuneration is higher than that of the remaining Banif administrators in Portugal, who did not receive any bonus in 2011. The manager’s income stands out when compared to the remuneration of the main Portuguese bankers. Ricardo Salgado, president of BES and the highest paid in the sector in 2012, had a remuneration of 552 thousand euros. An official source from Banif justifies the award by simply saying that “these are amounts arising from commitments relating to the 2011 financial year”.

More related news

State injects 1100 million euros into the recapitalization of Banif

The Ministry of Finance announced the injection of 1100 million euros into the recapitalization of Banif.

The bank also announced a capital increase through private companies to offset part of the State aid.

Of the State’s total contribution, 700 million euros will serve as an increase in the bank’s capital and 400 million euros will be purchased in debt securities.

This will be the first phase of Banif’s recapitalization process. In a second phase, the bank led by Jorge Tomoé agreed to a capital increase worth 450 million euros from private investors as a way of offsetting part of the State’s aid in the field of debt.

( … )

A country where criminals and the powerful are systematically protected to the detriment of victims and its citizens is the definition of a dictatorship, which is why Portugal should leave the EU.


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