The bank has not shied away from investments, however, and when the opportunity to invest in Companhia de Seguros Tranquilidade Vida (now BES Vida) arose, it took a 50% stake in the life insurance company, and gained exposure to Portugal’s high-growth life insurance market.
The bank’s size and strength have improved and its Tier 1 capital is among the highest of the country.
“For BES Group, 2006 was a year of important achievements: reinforcement of its multi-specialist model, increasing client acquisition and strong growth in its international banking activities,” says chief executive Ricardo Espírito Santo Salgado. “BES Group’s performance and the results achieved in 2006 were driven by the organic growth strategy and high level of efficiency, consolidated over time and based on values shared by all the companies that form the BES Group.
“With a spirit and vision focused on the future and an intrinsic capacity for renewal, BES Group will pursue its value creation path – a path that is only made possible by the trust of shareholders and clients, and the professionalism and loyalty of all members of the team at work.
“It is a great honour for us to be awarded this prize, The Bank of the Year award, which we receive with great pleasure [as] it represents independent recognition for the work done.”
