PLACE FINANCIÈRE & MARCHÉS — Banques

Espírito Santo Financial Group S.A.

Sale of Tranquilidade: ESFG informs



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( Photo : Luc Deflorenne / archives )

In reaction to various communications in relation with Companhia de Seguros Tranquilidade S.A. (“Tranquilidade”), ESFG considers once more that the owner of Tranquilidade is its subsidiary Partran, despite the allegations made by Novo Banco that ESFG considers as unfounded from a legal view point.

Therefore, ESFG expects its subsidiary Partran to receive the proceeds of the sale to be paid by the investment fund Apollo Global Management (“Apollo”).
If this is not the case, ESFG will consider all possibilities in order to protect its legal rights and those of its subsidiary Partran in front of the courts.

Otherwise ESFG expresses its regrets concerning Novo Banco’s failure to answer the Swiss insurer Zurich Insurance Group Ltd’s letter. In this letter, which was addressed to ESFG and transmitted to Novo Banco and to the Instituto de Seguros de Portugal, Zurich Insurance Group Ltd not only expressed its interest to acquire Tranquilidade, in the framework of a transaction between professionals of the insurance industry, but also announced in writing its intention to offer a more attractive price than the one suggested by Apollo.

Le contenu de ce communiqué de presse est de la seule responsabilité de son auteur: "Espírito Santo Financial Group S.A."