Sale of Shares

    FOR IMMEDIATE RELEASE
 
GRUPO BANCO ESPIRITO SANTO ANNOUNCES AGREEMENT OF SALE of shares of Credibom to Banque Sofinco
 
LISBON - July 10, 2003 -- Banco Espírito Santo (BES) announced agreement of sale by BES to Banque Sofinco of shares of
Credibom, under the terms and for the purposes of article 248 of the Portuguese Securities Code that:
 
 
1.    Banco Espírito Santo S.A. and Banque Sofinco S.A. (Groupe Crédit  
      Agricole), have agreed on the sale by Banco Espírito Santo to     
      Banque Sofinco of shares representing 45% of the share capital of 
      Credibom - Sociedade Financeira para Aquisição a Crédito S.A.     
      (Credibom), a consumer credit company jointly set up by Banco     
      Espírito Santo (60%) and Banque Sofinco (40%) in 1995.            
                                                                        
                                                                        
2.    The price agreed for the sale of the shares is ? 78,750,000.00,   
      which is translated into an extraordinary result of ?             
      74,260,000.00 in the individual accounts of Banco Espírito Santo, 
      which, in view of the national and international economic         
      situation, will be primarily allocated to reinforcing the fund for
      general banking risks.                                            
                                                                        
                                                                        
3.    Banco Espírito Santo will continue to hold shares representing 15%
      of the share capital of Credibom, Banque Sofinco holding 85%.     
                                                                        
                                                                        
4.    The transaction is pending the approval of Banco de Portugal,     
      under the terms of applicable legislation.                        
 
 
CONTACTS:           
 
Paulo Padrao
Elsa Jardim
Banco Espírito Santo, Lisbon
[phone]
www.bes.pt/ir
-or-
Bernard Compagnon
Taylor Rafferty, London
[phone]