51JJ Arkle 2060 A

    Banco Espírito Santo S.A. announces acquisition of bank Espírito Santo (International) ltd.
14th January 2003
Banco Espírito Santo S.A. ("BES") announced today that its wholly owned subsidiary BES Internacional, SGPS, S.A., has
acquired 6 million shares in the capital of Bank Espírito Santo (International) Limited ("BESIL"), corresponding to
100% of its capital, from Espírito Santo Financial Group S.A. The transaction was priced at BESIL's equity value
(approximately 71 million US Dollars) and BESIL's assets reached approximately 156.5 million US Dollars at 31st
December 2002.
This transaction is part of BES' process of international expansion in the financial markets and private banking
activities.
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