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Former BES Chief Ricardo Salgado Dismisses Critical Audit Findings

Former Banco Espírito Santo SA Chief Executive Ricardo Salgado on Thursday dismissed findings from an audit conducted into the bank’s collapse that pointed the finger at his administration and accused the country’s central bank of leading a smear campaig ...

Daily Headline - global.abi.org - 03/19/2015 - 22:36 - 0 comments

Portugal's Loss-Making Novo Banco Seeks Swift Recovery

Portugal's Novo Banco, the bank carved out of Banco Espirito Santo after a state rescue last year, expects to sharply reduce its loss this year and return to profits in 2016, emboldened by recovering deposits and improving liquidity. Novo Banco, whi ...

Daily Headline - global.abi.org - 03/09/2015 - 20:21 - 0 comments

Audit Confirms BES Breached Bank Of Portugal's Orders On Exposure

Banco Espirito Santo (BES) breached the Bank of Portugal's orders by increasing exposure to its founding family's collapsing businesses in the months before the state rescued the bank last August, a forensic audit report showed. The central ban ...

Daily Headline - global.abi.org - 03/05/2015 - 22:25 - 0 comments

Portugal Plans To Make An Early Payment On IMF Loans

Portugal plans to make an early payment of about €14 billion of its bailout loans from the International Monetary Fund after borrowing costs dropped, prime minister Pedro Passos Coelho said, the Irish Times reported. “The market conditions that Portu ...

Daily Headline - global.abi.org - 02/23/2015 - 00:25 - 0 comments

Portugal: Insolvency Courts vs. Tax Administration – Will rescue culture eventually triumph?

After three hard years, the programme of international financial assistance to Portugal has finally come to an end, with the Troika leaving our country last May. For better and for worse, much has changed concerning the political, economic and social ...

Resource Article - twallace@abiwor... - 02/18/2015 - 13:34 - 0 comments - 1 attachment

Bank Of Portugal, Goldman Gear Up For Legal Battle Over Bank Loan

The Bank of Portugal on Tuesday stuck to a decision to keep a loan linked to Goldman Sachs in a "bad bank" carved out after the rescue of Banco Espirito Santo (BES), putting the central bank and Goldman Sachs on course for a legal battle. The c ...

Daily Headline - global.abi.org - 02/17/2015 - 23:52 - 0 comments

Bank Of Portugal Keeps 15 Potential Bidders In Race For Novo Banco

The Bank of Portugal has trimmed down the list of potential bidders for Novo Banco - the successor to Banco Espirito Santo after a state rescue - saying that 15 out of 17 institutions that had expressed interest in the sale met its requirements, Reuters ...

Daily Headline - global.abi.org - 02/16/2015 - 18:55 - 0 comments

Britain Fines Former Banco Espírito Santo Unit

British regulators have fined the former investment banking business of the troubled Portuguese lender Banco Espírito Santo for failing to disclose the departure of central staff members from one of its capital markets teams in 2013, the International ...

Daily Headline - global.abi.org - 01/06/2015 - 21:09 - 0 comments

Interest Shown By 17 Potential Buyers In Novo Banco

The sale of Novo Banco, the lender that emerged from the breakup of Portugal’s Banco Espirito Santo, has drawn interest from 17 entities after firms including Banco Santander and Banco BPI said they may make bids. The Bank of Portugal announced the numbe ...

Daily Headline - global.abi.org - 01/01/2015 - 21:38 - 0 comments

Dos Santos Has To Raise Bid For Portugal Telecom

Portugal's securities market regulator, CMVM, said on Wednesday Angolan billionaire businesswoman Isabel dos Santos has to increase the 1.35 euro a share price in her takeover bid for Portugal Telecom SGPS. CMVM said in a statement it did not accept ...

Daily Headline - global.abi.org - 12/17/2014 - 22:51 - 0 comments

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