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Portuguese gov't seeks to placate aggrieved Banif investors

Xinhua,May 22, 2018 Adjust font size:

LISBON, May 21 (Xinhua) -- The Portuguese government is actively seeking solutions to compensate retail investors affected by the collapse of International Bank of Funchal (Banif), a failed bank, according to a statement issued on Monday.

Banif had to be bailed out by the government in December 2015. Retail investors say they were mis-sold financial packages and should be compensated.

Many of the aggrieved investors are based in Madeira, an Atlantic Ocean archipelago and region of Portugal. Prime Minister Antonio Costa was visiting Madeira's regional capital Funchal on Monday.

The Association of Banif's Aggrieved Investors (ALBOA) organized a rally to greet Costa's arrival in Funchal. It says its members lost 263 million euros through Banif's collapse.

The prime minister's office issued a press release via the Lusa Portuguese News Agency saying that the government had met with the Securities Exchange Commission (CMVM) and members of ALBOA in Lisbon on Friday.

The CMVM is investigating the exact nature of the financial products sold to retail customers, in order to ascertain whether any mis-selling took place.

As soon as the investigation is complete, the government will meet "with the aim of identifying possible courses of action, in accordance with parliamentary resolutions," the government statement read. (1 euro = 1.18 U.S. dollars) Enditem

 

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