Banco Comercial Portugues S.A.
29 December 1999
BANCO COMERCIAL PORTUGUES ACQUIRES STAKE IN ACHMEA BANK HOLDING N.V.
Achmea Holding NV (Achmea Group) and Banco Comercial Portugues (BCP) announced
today that BCP has acquired a 30% stake in Achmea Bank Holding NV, representing
an investment of 44 billion Escudos (circa 220 million Euro).
Achmea Holding NV (Achmea Group) is a leading Dutch financial services group and
a partner in Eureko, of which BCP is also a member. Achmea Bank Holding NV is
part of the Achmea Group, handling all its banking activities, distributed in
the Benelux countries under the brands of Staal Bankiers, Central Beher, FBTO,
Avero, Zilveren Kruis, Woonfonds, Eduard de Graaff, Europabank (Belgium) and
Banque Colbert (Luxembourg). The banking activities of Achmea Group reported,
in 1998, Total Assets and Income of NLG 24.8 and NLG 1.9 billion, respectively.
Achmea Group reported for 1998 a total balance sheet total and income of NLG
69.9 billion and NLG 13.2 billion, respectively, as well as assets under
management totaling NLG 103.9 billion.
Banco Comercial Portugues, S.A. is Portugal's leading publicly-owned financial
services group and is planning to expand its international activities through
alliances with strategic partners which share a management philosophy for the
development of innovative solutions for financial services distribution. BCP
reported in 1998 consolidated total assets and net income of 32.0 billion Euro
and 270 million Euro, respectively.
Achmea expects the participation by BCP to give an additional stimulus to the
banking activities, the joint expertise to further improve the existing service
levels and to aid the development of new concepts. The investment represents an
opportunity for BCP to enter low risk businesses, offering high growth potential
in a developed market.
Lisbon, 29 December 1999
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