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THE BANK OF NEW YORK SELECTED FOR NEW SPONSORED ADR ISSUE BY ESPIRITO SANTO FINANCIAL HOLDING S. A.

 NEW YORK, July 1 /PRNewswire/ -- The Bank of New York (NYSE: BK) announced today that Espirito Santo Financial Holding S.A. has selected the bank as the depositary for its public offering of $76,850,000 through the issuance of 2,650,000 American Depositary Receipts, each representing one ordinary share. The ADRs trade on the New York Stock Exchange under the symbol "ESF."
 Espirito Santo Financial Holding S.A. ("ESFH" or "the company") is the financial services holding company for a group of major banking and insurance operations located primarily in Portugal. The company's principal subsidiaries, in which it holds voting interests, are Banco Espirito Santo e Comercial de Lisboa, the third-largest full service commercial bank in Portugal with assets of $11.8 billion at December 31, 1992, and Cia. de Seguros Tranquilidade, the fourth-largest insurance company in Portugal based upon premium income at December 31, 1992, with total assets of $362.6 million at such date. ESFH also engages in investment banking, asset management and private banking activities.
 The Bank of New York is the world's largest depositary for American and Global Depositary Receipt facilities, which allow non-U.S. companies to offer dollar-denominated securities to investors in the United States. The bank has increased its market position consistently so that by the end of 1992 it accounted for over 50 percent of all sponsored depositary receipt programs. The bank currently issues depositary receipts for more than 650 non-U.S. companies representing 33 countries.
 The Bank of New York was founded in 1784 by Alexander Hamilton and is the nation's oldest bank operating under its original name. It is the principal subsidiary of The Bank of New York Company, Inc., which is the seventeenth largest bank holding company in the United States, with total assets of $40 billion as of March 31, 1993. The company provides a complete range of banking and other financial services to corporations and individuals worldwide through its five basic businesses: corporate banking, retail banking, securities and other processing, trust and investment management, and financial market services. The company's stock is traded on the New York Stock Exchange under the symbol BK.
 -0- 7/1/93
 /CONTACT: Michael M. Pascale, VP of American Depositary, 212-495- 1041, or Joseph M. Velli, EVP of Receipts Division for the Bank of New York, 212-815-2009/
 (BK)


CO: The Bank of New York; Espirito Santo Financial Holding S.A. ST: New York IN: FIN SU:

MP-MG -- NY082 -- 7854 07/01/93 15:23 EDT
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Publication:PR Newswire
Date:Jul 1, 1993
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