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Fosun Ups Bid For Portugal's Espirito Santo Healthcare Unit

China's Fosun International Ltd has upped its bid for Portugal's Espirito Santo Saude (ESS) to 4.82 euros a share or 460.5 million euros ($584 million) in total, stepping up the battle over the hospital business of the indebted Espirito Santo f ...

Daily Headline - global.abi.org - 09/28/2014 - 21:05 - 0 comments

Lloyds Banking Executive to Lead Troubled Portuguese Lender

The Bank of Portugal has appointed a new leader to run the ‘‘good’’ bank created after the bailout of the Portuguese lender Banco Espírito Santo, after the unexpected resignation on Saturday of its top management, the International New York Times Dea ...

Daily Headline - global.abi.org - 09/15/2014 - 21:40 - 0 comments

Leadership Team Overseeing Portuguese Bank Resigns

The “good” bank created after the bailout of the Portuguese lender Banco Espírito Santo last month was dealt a setback on Saturday when the three-person management team selected to turn around its business abruptly resigned, the International New York ...

Daily Headline - global.abi.org - 09/14/2014 - 21:17 - 0 comments

Banco Espírito Santo Secretly Lent Funds To Controlling Shareholder

Banco Espírito Santo secretly lent money to its controlling shareholder for two years, documents have revealed – raising fresh questions over the Bank of Portugal’s supervision of a lender that went on to suffer one of Europe’s largest financial collapse ...

Daily Headline - global.abi.org - 09/11/2014 - 21:44 - 0 comments

Switzerland Investigates Bank With Ties to Espírito Santo Companies

A Swiss financial regulator said on Wednesday that it had initiated enforcement proceedings against a Swiss bank with ties to the Espírito Santo family’s troubled group of companies, the International New York Times DealBook blog reported. The Swiss ...

Daily Headline - global.abi.org - 09/03/2014 - 22:20 - 0 comments

KPMG Refuses To Approve BES Accounts, Warns Of Further Loss

Auditor KPMG has refused to approve bailed-out Banco Espirito Santo's first-half report and accounts, published on Monday, citing the bank's failure to provide adequate information on its financial position and also warned of possible further l ...

Daily Headline - global.abi.org - 09/01/2014 - 20:47 - 0 comments

Credit Suisse Played Role in Espirito Santo Collapse

Credit Suisse helped put together billions of dollars in securities that were issued by offshore investment vehicles of Banco Espirito Santo SA and then sold to the Portuguese bank's retail customers, the Wall Street Journal reported on Sunday. In t ...

Daily Headline - global.abi.org - 08/17/2014 - 20:12 - 0 comments

Novo Banco To Take On BES's 3-Billion-Euro Angolan Loans

The healthy bank carved out of Portugal's heavily indebted Banco Espirito Santo will assume BES's 3 billion euros credit line to a troubled Angolan subsidiary but take provisions for losing the entire amount, the Bank of Portugal said on Tuesda ...

Daily Headline - global.abi.org - 08/12/2014 - 23:16 - 0 comments

Association Says Portugal Banks to Work for Swiftest Sale of New BES

Portuguese banks will work together with the authorities for the swiftest sale of the new, healthy bank carved out of the troubled Banco Espirito Santo, the head of the Portuguese Banking Association (APB) said yesterday, Reuters reported. Fernando Faria ...

Daily Headline - abi_admin - 08/07/2014 - 14:08 - 0 comments

Banco Espírito Santo Ruled Not to Be in Bankruptcy Event

A panel of the International Swaps and Derivatives Association today ruled that the Portuguese central bank's decision to break up Banco Espírito Santo won't trigger a payout on insurance-like contracts linked to the stricken lender's debt ...

Daily Headline - abi_admin - 08/06/2014 - 13:28 - 0 comments

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