Business activity at ES Bank (Panama), the fully owned subsidiary of ESFG, centres on the provision of financial services with the primary source of activity focusing on short term loan operations. On 30 June 2008, ESFG acquired the remaining 33.3% of the capital of ES Bank (Panama) S.A. from Euroamerican Finance Corporation, a subsidiary of Espírito Santo Resources Ltd. ESFG now holds 100% of the capital of ES Bank (Panama) Ltd., a bank incorporated in 2001 in the Republic of Panama.