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| Computer Translations Übersetzungen Traductions Traduzioni
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| Date |
24/06/1999 |
| Companies
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MUNDIAL CONFIANCA - BANCO SANTANDER CENTRAL HISPANO - |
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BSCH to structure new Mundial Confianca deal |
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BSCH is talking to the Portuguese Government about a restructured deal whereby the bank can acquire a stake in Mundial Confianca.
The original deal was blocked by the government last week. Yesterday off the record briefings in Brussels stated that the European Union Commission would investigate the matter to see if the Portuguese Government was illegally blocking a bid because it was from a foreign, but EU, institution.
Not surprisingly, since then, the Portuguese government has found that BSCH broke a number of rules over its notification process. Once these 'illegal acts' are corrected the Portuguese government is happy to sit down with BSCH and consider the deal.
Mundial Confianca are an insurer, however it is their controlling interest in three Portuguese banks that is the main interest of BSCH.
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