In a press conference held after the Banif SGPS presented its full year results, Banif chairman Horacio Roque said that Banif will create a new bank in Malta , in a partnership with local businessmen, AFX News Limited reported.

Banif wants to control 60 per cent of the new institution, which is expected to start operating this quarter.

The Madeira-based bank will open 65 more branches in Portugal during 2007 to reach 300 branches in 2008, from about 235 now, Banif chairman said, according to daily Publico.

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.

Banif also announced a full year net profit of 78.1 million Euros, up by 28.3 per cent.