In Portugal, BES -BANCO ESPIRITO SANTO- and BPI -BANCO PORTUGUES DE INVESTIMENTO- have announced their merger through a share swap, the BPI swapping 692 shares for 100 BES shares. BES shareholders will own 59% and BPI's 41% of the new undertaking. Baptised BES.BPI, the new venture will be the biggest Portuguese financial institution quoted on the stock exchange and, in particular, the leading Portuguese commercial bank with a market share of between 22 and 25%. It will have assets of EUR 41...