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| Computer Translations Übersetzungen Traductions Traduzioni
Traducciones Traduções Oversettelse
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| Date |
08/06/1999 |
| Companies
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MUNDIAL CONFIANCA - BANCO SANTANDER CENTRAL HISPANO - |
| Subject
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BSCH & Mundial Confianca pool Portuguese Banking ops. |
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BSCH have joined with Mundial Confianca to pool their Portuguese banking operations. Mundial Confianca whilst an insurer have controlling stakes in Banco Pinto e Sotto Mayor, Banco Totta e Acores and mortgage bank Credito Predial Portugues. Mundial Confianca is controlled by Portuguese millionaire Antonio Champalimaud.
BSCH obtain a 40% stake in Mundial Confianca. In return Mundial Confianca get 1.6% of BSCH group, 48% of its Portuguese banking operating company and 20% of its Brazilian operation. The banking holdings will be held via Banco Pinto e Sotto Mayor, the largest of the banks within the Portuguese group. The partners' medium term plan is to float a new banking entity on the Portuguese market consisting of the combined holdings.
No official value was put on the deal. A basis of 40% of the current market value for Mundial Confianca would put this at circa Esc110bn (E549m UKP357m).
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