ESAF-Espírito Santo Activos Financeiros (‘ESAF’), the fully owned subsidiary of ESFG’s Portuguese banking operation BES, continued its international expansion through specialised companies in Portugal, Spain, Luxembourg, United Kingdom, Angola and Brazil. Investment funds in 2008 underwent restructuring and a broadening of funds offered. Ten real estate funds were merged and eight new specialised real estate funds and six new closed-end funds for private subscription were launched.