Withdrawal of the authorisation of BPP, SA

Banco de Portugal makes public that, following a decision of the Board of Directors of 15 April 2010, made under the provisions of Article 23 of the Legal Framework of Credit Institutions and Financial Companies, approved by Decree-Law No 292/92 of 31 December 1992, and taking into account the provisions laid down in Article 152 and in Article 22 (1) (f) of the same Decree-Law, the authorisation regarding the exercise of the activity of Banco Privado Português, SA has been withdrawn. This decision was made upon confirmation of the unfeasibility of the recapitalisation and recovery efforts of this institution developed in the context of the extraordinary reorganisation measures taken by the Banco de Portugal. In accordance with the law, the decision that has now been made implies the winding-up and liquidation of Banco Privado Português, SA. On this date, the Deposit Guarantee Fund and the Investor Compensation Scheme are notified so that the respective guarantee schemes can be activated.

Lisbon, 16 April 2010