FOR IMMEDIATE RELEASE
                                                                                   
Espírito Santo Financial Group ANNOUNCES AGREEMENT OF SALE BY Banco Espírito Santo to Banque Sofinco of shares of
Credibom
 
Luxembourg/Portugal - July 10, 2003 -- Espírito Santo Financial Group ("ESFG") (NYSE and Lisbon Stock Exchange: ESF)
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.                                  
                                                                          
                                                                          
 
The Espírito Santo Financial Group provides, through its subsidiaries, a global and diversified range of financial
services to its clients including Commercial banking, Insurance, Merchant banking, Stock-brokerage and Asset management
in Portugal and internationally.
                                                        - ### -                                                        
Contact: 
 
Manuel Villas-Boas
Espírito Santo Financial Group
+44-20-7332-4350
- or -
Bernard Compagnon
Taylor Rafferty, London
+44-20-7936-0400
- or -
James P Prout
Taylor Rafferty, New York
+1-212-889-4350