Printer Friendly

BANCO ESPIRITO SANTO ISSUES PREFERENCE SHARES IN THE U.S.

 LONDON, Nov. 17 /PRNewswire/ -- Espirito Santo Financial Holding S.A. ("ESFH") (NYSE: ESF) is pleased to announce that its principal subsidiary Banco Espirito Santo ("BES") and Espirito Santo overseas Limited ("ESOL"), a wholly owned Cayman Islands subsidiary of BES, have filed with the Securities and Exchange Commission a registration statement in connection with the issue and distribution in the United States of up to 4 million non-cumulative preference shares of ESOL, guaranteed as to certain payments by BES. These shares will be non-voting and will not dilute the controlling position of ESFH in BES.
 The net proceeds from the sale of the preference shares will be deposited in an interest earning account with a subsidiary of BES and used for general corporate purposes. The funds obtained through the issue will be considered Tier I capital of BES on a consolidated basis by the Bank of Portugal.
 At end of June 1993 BES's shareholders equity was Esc 108.6 billion (US$668.8 million), total assets amounted to Esc 1,911.4 billion (US$11,767.7 million) and net income reached Esc 10.9 billion (US$67.4 million).
 The registration statement relating to these securities has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 This offering is being managed by Merrill Lynch & Co., Bear Stearns & Co., Inc. and Smith Barney Shearson Inc.
 -0- 11/17/93
 /CONTACT: Manuel Villas-Boas of Espirito Santo Financial Holding, 011-44-71-600-2620, or Fern C. Lazar of Dewe Rogerson, 212-688-6840/
 (ESF)


CO: Espirito Santo Financial Holding S.A.; Banco Espirito Santo;
 Espirito Santo Overseas Limited ST: IN: FIN SU: OFR


MP-LG -- NY037 -- 5395 11/17/93 10:47 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 17, 1993
Words:344
Previous Article:FIRST CONNECTICUT CAPITAL CORP. REPORTS SIX MONTH LOSS
Next Article:CHRYSLER FINANCIAL CORP. $250 MILLION FLOATING RATE NOTES RATED 'BBB' BY FITCH -- FITCH FINANCIAL WIRE --
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters