RNS Number:3476Q
Espirito Santo Financial Group S.A.
30 September 2003


FOR IMMEDIATE RELEASE

Contact:
Manuel Villas-Boas
Espirito 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

ESPIRITO SANTO FINANCIAL GROUP S.A. ANNOUNCES CHANGE OF NAME OF PRINCIPAL
SHAREHOLDER

Luxembourg/Portugal - September 30, 2003 - Espirito Santo Financial Group S.A.
("ESFG") (Euronext Lisbon and NYSE: ESF) announced today that Espirito Santo
International Holding S.A., based in the Grand Duchy of Luxembourg
("Luxembourg") and the principal shareholder in the capital of ESFG has changed
its legal status in that country from a financial holding company  regulated by
the  Luxembourg law of 31st July 1929 into a Societe de Participations
Financieres ( "Soparfi"). As a consequence, its name has changed to Espirito
Santo International S.A..

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The Espirito 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.



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