Portugal’s Banco Espírito Santo nets 25 million euros with Brazil’s Bradesco dividends

27 February 2006

Lisbon, Portugal, 27 Feb – Portuguese bank Banco Espírito Santo (BES) is set to net 63 million real (25 million euros) in interest and dividends for 2005 from its 3.35 percent stake in Brazilian bank, Bradesco.

The dividends to be distributed by Brazil’s largest private bank, reported Portuguese weekly newspaper, Semanário Económico, total 1.881 billion real (742 million euros).

Last year, Bradesco posted profit of 5.514 billion real (2.176 billion euros), a record figure for the Brazilian bank, of which BES is a strategic partner.

Quoted by the Portuguese paper, Bradesco’s chairman, Mário Cypriano, said that last year’s results were due to, “the strong growth of its credit portfolio, the consolidation of segmentation of its customer database, better performance in insurance and strong cost control.”

Cypriano said there were no plans to expand outside Brazil, despite the fact that the bank was currently, “the eighth largest in the United States and the 35th largest in the world.” (macauhub)