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Date 16/07/1999
Companies MUNDIAL CONFIANCA - BANCO SANTANDER CENTRAL HISPANO -
Subject BSCH says Portuguese government informed of deal above that required by regulations.
 
  Banco Santander and Central Hispano making its first public statement on the Portuguese Governments continued blocking of its friendly deal with Mundial Confianca said that it had notified the Portuguese government in advance of all aspects of the deal. The Portuguese government and central bank has claimed over several weeks that BSCH had not notified it in advance that it was acquiring more than 10% of a Portuguese insurer, a breach of the financial regulations.

The bank states that Luis Champalimaud, the son of the majority owner of Mundial Confianca, met with government officials including the Finance minister to explain the deal in advance of it happening. Antonio Sousa Franco, Finance Minister, agrees they met but denies the key details were disclosed until after the deal was done.

The media statements by both sides would indicate that negotiations have broken down and neither see much hope of them being reinstated in the near future. The 4 banks whose control is at stake, which are majority owned by Mundial Confianca, are estimated to control around 20% of the Portuguese banking market.

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