Banco Comercial Portugues ``BCP'' Agreement With Banco Sabadell S.A.Business Editors LISBON, Portugal--(BUSINESS WIRE)--Oct. 23, 2002 In accordance with article 248 of the Portuguese Securities Code (Codigo dos Valores Mobiliarios), Banco Comercial Portugues S.A. (BCP BCP Best Current Practice(s) BCP Business Continuity Planning BCP Business Continuity Plan BCP Book of Common Prayer BCP Banco Comercial Português BCP Bureau of Consumer Protection (US Federal Trade Commission) , NYSE NYSE See: New York Stock Exchange : BPC BPC British Potato Council BPC Brewton-Parker College (Mt Vernon, GA) BPC Bible Presbyterian Church BPC Bangladesh Petroleum Corporation (Chittagong, Bangladesh) BPC British Pharmaceutical Codex , LSE LSE - Language Sensitive Editor : BCP) hereby announces having reached an agreement with Banco Sabadell Banco Sabadell, S.A., (IBEX-35:SAB) is a major Spanish bank headquartered in Sabadell. Together with Banco de Asturias, Banco Urquijo, Sabadell Banca Privada, Banco Herrero, Solbank and ActivoBank, it is part of the Banco Sabadell Group, which is the fourth largest commercial S.A, to further develop ActivoBank7 in Portugal and ActivoBank in Spain in a more coordinated way with their respective domestic operations, with each bank controlling the local operations of their subsidiaries. Accordingly, Banco Comercial Portugues will sell 46.62% of the share capital of ActivoBank Spain to Banco Sabadell, maintaining full control of ActivoBank7 in Portugal. For this transaction BCP will receive a total amount of Euro 49.7 million. This transaction will have a Euro 26 million positive impact in the Bank's capital base. Both entities make a very positive evaluation of the performance of ActivoBank7 and ActivoBank Spain in their respective markets. The above mentioned transaction is the starting point Noun 1. starting point - earliest limiting point terminus a quo commencement, get-go, offset, outset, showtime, starting time, beginning, start, kickoff, first - the time at which something is supposed to begin; "they got an early start"; "she knew from the of a new phase of consolidation of this innovative project creating the conditions to further improve operational and commercial efficiency and to develop commercial strategies focused on their respective market segments. The activity of ActivoBank7, launched in Portugal in May 2001, was supported by the large experience acquired by Banco 7 since 1994, and is a pioneer initiative in direct banking promoted by Banco Comercial Portugues. It has experienced a strong development with more than 20,000 accounts opened, Euro 268 millions in client's financial assets Financial assets Claims on real assets. under deposit and an unquestionable leadership in stock exchange transactions with a market share of 30%. Banco Comercial Portugues and Banco Sabadell will pursue the strategic partnership agreement signed by the two entities in 2000 and will continue to develop joint initiatives that will be of interest to both institutions considering the strong commercial ties between Spain and Portugal. The execution of the above mentioned transaction is subject to the applicable legal procedures. |
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