Banco Espírito Santo, S.A.                                               
The Board of Directors of Banco Espírito Santo at its meeting held today, approved the merger of Espírito Santo Dealer,
Sociedade Financeira de Corretagem with Banco Espírito Santo de Investimento, ("BES Investimento") Bes Group's
investment bank.
 
BES Investimento will purchase from Banco Espírito Santo and ESSI SGPS ( a company held by BES Investimento) their
stakes of 57% and 43% respectively, in Espírito Santo Dealer's capital of 3,500,000 euros .
 
The objective of this merger is to optimize the resources of both entities, as well as to endow the brokerage business
of the BES Group with more adequate means to operate on the pan-European trading platform - Euronext.
 
To this end, BES Investimento will assume the role of Trading Member firm, operating directly in the four markets
integrating the Euronext - Lisbon, Paris, Amsterdam and Brussels and Banco Espírito Santo will act as General Clearing
Member, providing  its clients with an integrated offer of securities services .
 
This operation is subject to approval by the relevant authorities.
 
Lisbon, 5 June 2003