Brown Rudnick Alert: Banco Espírito Santo: Large Losses and Lots of Questions

Just when Europe seems to be exiting recession, and following Portugal’s formal exit from its Eurozone bailout earlier this year after 3 years of painful austerity, a bank collapse in Portugal has hit the business pages as further revelations come out on a daily basis. Banco Espírito Santo SA (“BES”) is a publicly traded universal financial services company headquartered in Portugal, the largest Portuguese listed bank by market capitalization and the second largest private-sector bank by total assets. It was held partly by its Luxembourg parent, Espírito Santo Financial Group SA, and Crédit Agricole, the latter holding over 14.6% of its capital. Read more