Brazil: BESI Brasil bank plans to move into private banking sector

12 February 2008

Lisbon, Portugal, 12 Feb – Banco Espírito Santo Investimento (BESI) Brasil, a Banco Espírito Santo (BES) subsidiary, plans this year to move into asset management for individual customers, the bank’s chairman said in Bordeaux Monday.

In a press conference, Ricardo Espírito Santo said that BESI Brasil ended 2007 with assets of 939.7 million euros (659.7 million euros in 2006), and net profit of 40.5 million euros (8.9 million euros in 2006), having contributed 32 million euros to BES’s overall result.

BESI is 80 percent owned by BES and 20 percent owned by Brazilian bank Bradesco.

Ricardo Espírito Santo, the bank’s chairman in Brazil, said that 2007 had been an exceptional year and that the Brazilian economy was witnessing a period of dynamism mainly due to the expansion of sectors such as agriculture and natural resources and has considerable support from foreign investment.

Forecasts for the country’s gross domestic product growth make Brazil a focus for international investment, particularly in infrastructure, said Ricardo Espírito Santo. (macauhub)