BES and ESFG establish a partnership with Saxo Bank

Espírito Santo Financial Group S.A. (Euronext Lisbon: ESF) announces that Banco Espírito Santo, S.A. ("BES") and Espírito Santo Financial Group S.A. ("ESFG") entered into an agreement for the acquisition of 5.0% of the share capital of Saxo Bank A/S with the current shareholders of this bank, each of the entities acquiring 2.5% thereof, amounting to 63.0 million euros in total. This agreement also contains an option for the acquisition of an additional 5.0% of the capital of Saxo Bank A/S.

The agreement also lays down a strategic partnership between Banco BEST (an asset management trading banking unit 66.0% owned by BES and 34.0% by Portugal Telecom) and Saxo Bank A/S for, among other initiatives, developing an integrated asset management and trading offer of products and services and the joint approach to foreign markets, as a development of the already existing partnership between these two banks in Portugal.

Saxo Bank A/S is a Danish Bank, specialising on online trading and enjoying one of the leading platforms in the world for this type of business, acting also under white label partnerships with over 100 members worldwide, such as the support of E-Trade trading activity in Europe and to FOREX activity of Citibank in the US. Saxo Bank A/S has been posting annual profits' growth above 50.0% in the past four years and ROE at circa 40.0%.

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The Espírito Santo Financial Group provides, through its subsidiaries, a global and diversified range of financial services to its clients including Commercial banking, Insurance, Investment banking, Stock-brokerage and Asset management in Portugal and internationally. For additional information on Espírito Santo Financial Group, its subsidiaries, operations and results, please visit the Company's website on www.esfg.com

© 2008 Hugin via euronext.com