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 billion and 1,149 branches. At the end of third quarter 1999, the net results of the two partners in the new group stood totalled EUR 236 million (141 million for BES and 95 for BPI).