China Development Bank grants US$300 million loan to Portugal’s Banco Espírito Santo

4 October 2011

Lisbon, Portugal, 4 Oct – The China Development Bank has agreed with Portuguese bank Banco Espírito Santo (BES) to provide a loan of US$300 million with a payback period of three years, the Portuguese bank said in a regulatory filing.

In the statement sent to Portuguese market regulator CMVM, BES noted that the loan was the first taken out by a Portuguese bank since 2010, when the market was closed to Portuguese financial institutions as well as those from other peripheral countries.

The deal was signed in the presence of the Chinese ambassador to Portugal, Zhang Beisan, and is a sign of the “commitment and trust” of the Chinese bank “in BES and the Portuguese economy,” the BES statement said.

The loan “is intended to fund BES’s financing capacity,” and is part of a partnership that outlines both banks increasing their cooperation both in Portugal and in other markets in which BES in present, the statement said. (macauhub)