Launch of Online Banking
Banco Comercial Portugues S.A.
29 June 2000
DOCUMENT DATED 28 JUNE 2000
Banco Comercial Portugues, S.A. (BCP) and Banco de Sabadell (Sabadell) today
announced the launch of an Online asset management bank aimed at the Iberian
market. This follows the signing in February of this year of a strategic
partnership agreement between the two institutions.
In the context of this partnership, BCP and Sabadell have agreed with
Ibersecurities, Agencia de Valores e Bolsa, S.A. (Ibersecurities) that each bank
will acquire a shareholding of 43% in Ibersecurities, corresponding to an
investment of Euros 33 million each.
The Online bank will specialise in asset management, investment advisory
services and brokerage. It will have its headquarters in Madrid. The bank will
be Internet-based and it will also operate a telephone centre and a limited
number of 'Financial Stores' with specially trained staff.
Ibersecurities will continue to develop its work in advising institutional
customers, both domestic and international, as it has been doing for over a
decade.
Ibersecurities was formed in July 1989 in the wake of the restructuring of the
Spanish securities market. Last year Ibersecurities achieved turnover of 2,600
billion pesetas and a market share of 3%, so becoming the largest independent
Spanish broker. Two years ago Ibersecurities; launched the first Spanish online
broker - Ibersecurities Online - so assuming pioneer leadership in this area.
As recognition of this leadership position, Ibersecurities has seen the quality
of its financial advisory services recognised by 'Expansion', the Spanish
newspaper, with the award for the 'Best Financial Site' out of 500 candidates.
Lisbon, 28 June 2000
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