The Auto Channel
The Largest Independent Automotive Research Resource
The Largest Independent Automotive Research Resource
Official Website of the New Car Buyer

Banco Comercial Portugues and SIVA SGPS purchase Interbanco, S.A.

30 December 1999

Banco Comercial Portugues and SIVA SGPS purchase Interbanco, S.A.

    LISBON, Portugal--Dec. 29, 1999--Banco Comercial Portugues (BCP, NYSE: BPC) and SIVA SGPS announced today the closing of a partnership agreement, which includes the acquisition of Interbanco, S.A. (Interbanco), by the two parties in equal amounts, subject to the non-opposition of Bank of Portugal.
    Launched in 1997, Interbanco specializes in car financing to individual and corporate clients. As of September 30, 1999, Interbanco reported total assets (inclusive of securitized receivables) and net worth of 85.8 and 8.1 billion Escudos, respectively.
    Through the signing of this partnership and the purchase of the equal stakes in Interbanco, BCP and SIVA are confident in the development of this specialized finance platform, to be built upon the partners' competences in the management and distribution of car industry products and related financial services.