EOS Espirito Santo

RNS No 7511c
ESPIRITO SANTO FINANCIAL HOLDING S.A
30th June 1997


          BANCO ESPIRITO SANTO ANNOUNCES ISSUE OF SUBORDINATED DEBT

Banco Espirito Santo ("BES") announces that in June 1997, it has issued
subordinated debt in three consecutive transactions carried out in the
Portuguese domestic market and the international market.

Consequently, BES' equity will increase by PTE 70 billion, to reach PTE 298
billion and BES' capital ratio will increase to 14 per cent (in accordance with
the BIS criteria) and to 12.3 per cent (in accordance to the Banco de Portugal
criteria).


END

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