Portugal

Banco Espirito Santo (BES) Commercial banking income, which reflects regular business, increased by 7.1% underpinned by

The European Commission has cleared under the EU Merger Regulation the proposed acquisition of joint control of Companhia de Seguro de Créditos (COSEC) by Euler Hermes SFAC and Banco BPI S.A. (BPI)

Banco Espirito Santo (BES) yesterday announced its 2005 results, which show net income (IFRS) reached €280.5 million in 2005, despite an extraordinary provision charge of

An overview of the market

Market Performance and Supply

Fortis announced today that it has acquired a stake in Banco Comercial Portugues, (BCP), Portugal's leading listed financial group, for

Euler Hermes, the French credit insurance company, confirmed on Friday that it has increased its stake in the Portuguese credit insurer Cosec to 41 per cent by buying 16.7 per cent of its capital from the Portuguese bank BPI.

Euler Hermes, world leader in credit insurance, already holds 8.5% in Cosec, but is interested in increasing its holding with the aim of dominating the Portuguese market, where Cosec currently holds a 65% share of credit insurance business.

The Portuguese parliament has approved the government’s Budget Bill for 2004 that slashes corporate taxes amid growing economic instability.