Banif SGPS will open 65 more branches in Portugal during 2007 to reach 300 branches in 2008, from about 235 now, Banif chairman Horacio Roque said, according to the daily Publico.

In a press conference last Thursday after the Madeira-based bank presented its full year results, Mr Roque said that Banif will create a new bank in Malta in partnership with local businessmen. Banif wants to control 60 per cent of the new institution, which is expected to start operating this quarter.

Mr Roque added that the bank might be interested in buying Banco BPI branches if BCP’s takeover succeeds, but that it favours organic growth in Portugal.

Banif also wants to open 17 new branches in Brazil, where it now has eight branches and two offices, he said.

Last week Banif announced full year net profit of e78.1 million, up 28.3 per cent.