Reports: Portugal Rescuing Banco Espirito Santo
In a dire rescue effort, Portugal is expected to split troubled Banco Espirito Santo (BES), its second-largest bank, into two separate “good” and “bad” entities, according to published reports Sunday. The lender was pulled underwater by the financial woes of its parent company, Espirito Santo International (ESI). The nearly $3 billion plan is being partially funded by Portugal’s participation in an international bailout program, a Reuters report said. Under the plan, the “bad” bank will assume all of BES’s toxic assets, including loans made to its afflicted parent company ESI, a story in The Wall Street Journal said.
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