Prime Minister Viktor Orbán handed the Commander’s Cross of the Order of Merit of Hungary to Vice President of Banco Espírito Santo, Ricardo Espírito Santo Silva Salgado on Tuesday in the Parliament Building. The award was granted for his work to develop Hungarian-Portuguese economic and cultural relations and to improve Hungary’s international image.

The Prime Minister emphasised in his speech that Ricardo Espírito Santo Silva Salgado is the head of the fifth generation of a banking dynasty, a defining figure of Southern Europe’s economy, and his family has had friendly relations with Hungary over the span of several generations. Portugal aided Hungarians leave the country following the Second World War and also after the revolution in 1956.

Prime Minister Orbán recalled that this November the Banco Espírito Santo was able to return to the financial markets without state guarantees, even though Portugal’s bonds and financial institutions were downgraded by credit rating agencies, adding that we Hungarians know exactly what an achievement that is.

Ricardo Espírito Santo Silva Salgado stated in his speech that it is not just him, but also Portugal that has been honoured by this award. He emphasised that we must not look back, but have to defeat the crisis, adding that a stronger EU is necessary, while also protecting nations' own identities. He finished his speech by announcing that OTP Bank and Banco Espírito Santo have signed a cooperation agreement and assured that his 143-year-old bank will continue to support the development of both Portugal and Hungary.

(Prime Minister's Office)