**Exhibit 12**

          

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**CERTIFICATION**

I, Ricardo Espírito Santo Silva Salgado, certify that:

| 1. | I have reviewed this annual report on Form 20-F of Espírito Santo Financial Group, S.A.; |
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| 2.     | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |

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| 3.     | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report; |

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| 4.     | I am responsible for establishing          and maintaining disclosure controls and procedures (as defined in Exchange          Act Rules 13a-15(e) and 15d-15(e)) for the Company and have: |

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|   | (a)    | Designed such disclosure          controls and procedures, or caused such disclosure controls and procedures          to be designed under my supervision, to ensure that          material information relating to the Company, including its consolidated          subsidiaries, is made known to us by others within those entities,          particularly during the period in which this report is being prepared; |

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|   | (b)    | Evaluated the effectiveness          of the Company’s          disclosure controls and procedures and presented in this report my          conclusions about the effectiveness of the disclosure controls and          procedures,          as of the end of the period covered by this report based on such evaluation;          and |

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|   | (c)    | Disclosed in this report          any change in the Company’s internal control over financial reporting          that occurred during the period covered by the annual report that has          materially          affected, or is reasonably likely to materially affect, the Company’s          internal control over  financial reporting; and |

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| 5.     | I have disclosed, based          on my most recent evaluation of internal control over financial reporting,          to the Company’s          auditors and the the audit committee of the Company’s board of          directors (or persons performing the equivalent functions): |

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|   | (a)    | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and |

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|   | (b)    | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting. |

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| /s/ RICARDO ESPÍRITO    SANTO SILVA SALGADO |
| Title:                                             | Chairman of the Board andPrincipal Executive and Financial Officer |

Date: June 30, 2004

 

 

          

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