BES Special Report/ Resumo Especial BES

Transcription

Banca e
Seguros
Special
Report
Banco Espírito Santo / Novo Banco
Special Report
Last Update | Última Actualização: 23/12/2014
Portugal Economy Probe (PE Probe)
Prepared by PE Probe | Preparado por PE Probe
Copyright © 2014 Portugal Economy Probe PE Probe
All rights reserved
Banca e
Seguros
Timeline of Events / Cronologia de Eventos:
2011
• OCT 24: Banco Espírito Santo “doesn’t pretend to use the special recapitalization fund (€12
billion) of the state", Ricardo Salgado said. (Source: Expresso)
2013
• JUL 26: BES reports worse than expected losses for the 1st half of the year and says it’s
considering buying Swiss bank BSI.
• NOV 21: BES is first Portuguese bank to issue subordinated debt in four years. The 750 million
euros sale is billed as sign of confidence in Portugal's recovery.
• DEC 12: Wall Street Journal reports that Espírito Santo International (ESI), sold more than 6
billion euros of debt to one of its own investment funds in a 21 month period from 2011.
Newspaper also says that Espírito Santo Financial Group 2012 accounts value its stake in BES
at more than four times its 365 million euros market value.
• END 2013: Angola government gives a guarantee for 4.2 billion euros of lending (or 70 percent of
the total loan book) of BES Angola after the Bank of Portugal became concerned about the
exposures. Development is not made public.
2014
• EARLY 2014: Bank of Portugal hires auditors KPMG to carry out "a special purpose limited
review" into ESI's third quarter and full year results for 2013. The development is not publicised.
• FEB 13: BES posts slightly higher than expected 2013 loss and says it will not rule out raising
cash.
• MAY 15: BES announces 1.045 billion euros capital raise by offering cheap stock to existing
shareholders. ESFG and Credit Agricole announce that they are dissolving BESPAR, a holding
company that owned their joint 47 percent stake in BES. ESFG is left with 27.36 percent and
Credit Agricole with 20.12 percent.
• MAY 21: BES tells investors that independent auditors found "irregularities" at ESI that left the
company in a "serious financial situation". Bank warns it is facing "reputational risk" over selling
ESI bonds to customers. Shares fall sharply.
© Portugal Economy Probe (PE Probe)
Banca e
Seguros
2014 (continuation)
• MAY 22: BES CEO, Ricardo Espírito Santo Salgado, tells Portuguese newspaper that the bank
knew nothing of ESI's troubles.
• MAY 27: ESFG and Credit Agricole say their stakes in BES will fall after the capital raise because
they will not take up all the cheap shares they have been allocated. ESFG's stake will reduce to
25 percent and Credit Agricole's to 15 percent.
• MAY 29: ESFG reveals further details of ESI's special audit findings, including that ESI had
omitted debts from its accounts, overvalued assets and maintained inadequate records. It
describes ESI as having an "extremely negative financial situation" and says the company will
improve corporate governance and reorganize.
• JUN 11: BES completes 1.045 billion euros capital raise. CEO Salgado tells Reuters his family
has lost control of the bank.
• MID JUN: Portuguese media reveal problems at BES's Angolan subsidiary.
• JUN 19: Espírito Santo family members, including BES CEO Salgado, agree to give up their
leadership of the bank and step down from its board after a meeting with the Bank of Portugal.
• JUN 20: Salgado's departure is announced, ESFG says it will propose BES's current chief
financial officer, Amilcar Morais Pires, as Salgado's successor.
• JUN 27: Reuters reveals that Luxembourg's justice authorities have launched a probe into the
Espírito Santos' family holding companies. ESFG shares fall 18.5 percent, BES's 11 percent.
Portugal's finance minister says situation at the bank is no threat to financial stability.
• JUN 30: BES holds conference call to try to reassure investors on situation with family
companies and Angola. More than 800 dial in but the call, which lasts just eight minutes, triggers
a sharp sale in the stock. On it, BES revealed it had about 1 billion euros of exposure to Rioforte
and ESI and gave details of the Angolan state guarantee to BES Angolan subsidiary.
• JUL 1: Capital Market Regulators impose short-selling ban on BES in bid to arrest BES's share
price slide. Shares fall 13 percent and then recover. Short selling in ESFG also suspended.
• JUL 3: ESFG reveals a billion euros rise in its exposure to Grupo Espírito Santo over the first six
months of the year. ESFG now has an exposure of 2.35 billion euros. It rose because ESFG
stepped in to ensure repayment of GES bonds sold to BES clients. ESFG also says it has 823
million euros in borrowings from BES and 830 million euros of unsecured external borrowings.
Banca e
Seguros
2014 (continuation)
• JUL 5: ESFG says it will now propose a respected economist, Vitor Bento, as BES's next CEO
and another outsider, João Moreira Rato, as chief financial officer.
• JUL 9: Swiss-based Banque Privee Espírito Santo, owned by the wider Espírito Santo Group,
admits that ESI missed repayment dates on some debt sold to its clients. Sources say ESI is
considering ways to restructure its debt
• JUL 10: ESFG asks for its shares and bonds to be suspended, so it can assess the financial
impact of its exposure to its largest shareholder ESI, which ESFG describes as having "material
difficulties". BES shares suspended after falling as much as 19 percent in morning trading.
• JUL 10: BES issues statement insisting it can withstand any losses on lending to the Espírito
Santo companies and has 2.1 billion euros in excess capital. Also gives detailed breakdown of
1.15 billion euros of lending to the family companies, but bank admits it cannot predict how much
it will lose on the loans until the group presents a restructuring plan.
• JUL 11: Moody’s cuts BES’s rating in three notches to B3, citing creditworthiness concerns. The
bank shares resume trading and fall 5.5 percent to lowest in almost two years. Portugal's prime
minister joins the chorus trying to soothe investors
• JUL 13: Bank of Portugal tells BES not to wait for July 31 shareholders meeting to install new
management.
• JUL 14: In a move to calm investors, and pushed by Bank of Portugal, BES speeds up
management changes with immediate effect. Vitor Bento is now the CEO and Joao Moreira Rato
the chief financial officer. Meanwhile, ESFG announces that it has sold 4.99 percent of BES to
repay funds.
• JUL 17: S&P cuts BES rating to B-, and warns on solvency risks. Moody’s cuts ESFG to Ca,
citing default fears.
• JUL 18: Portugal’s central bank moved to calm fears about lender, saying it has enough capital
buffer to protect itself from its troubled parent even in a worst-case scenario. BES will probably
raise private funds to boost capital, Bank of Portugal Governor Carlos Costa said in Parliament,
as talks with investment banks and investors show interest in the lender. Espírito Santo
International applied for creditor protection.
• JUL 22: BES postpones presentation of its earnings for the first half of the year until next
Wednesday 30 July. Rioforte Investments applied for creditor protection.
Banca e
Seguros
2014 (continuation)
• JUL 23: BES “appointed Deutsche Bank as financial adviser to assess the potential optimization
of bank’s balance sheet structure. Espírito Santo Family Sells Swiss Bank (Banque Privee
Espírito Santo) Assets to CBH Cie. Bancaire Helvetique SA. Rioforte investments failed to repay
847 million euros in short-term debt to Portugal Telecom.
• JUL 24: Ricardo Salgado, former chief of Banco Espírito Santo, was detained by law officials and
brought before a judge. Salgado is being investigated for alleged fraud, money-laundering and
falsification of documents. He was released, on the same day, on bail of 3 millions euros. Espírito
Santo Financial Group applied for creditor protection.
• JUL 25: The Bank of Portugal and the country’s securities markets authority, the CMVM, are to
join forces to audit the activities of BES and another company in the group, according to a
confidential document submitted by the CMVM, whose president testified to parliament.
• JUL 29: BES shares slide ten percent after reports of a first-half big loss, that could wipe out the
capital buffer while Bank of Portugal affirms that BES SA would be able to raise new capital
through private investors if it is forced to take a bigger hit on its exposure to ESI. Rioforte, on the
other hand, sees its creditor protection claim to Luxembourg’s Commercial Court accepted.
• JUL 30: At July 30th, Banco Espírito Santo revealed its results for the first half of 2014, which will
remain in history in the Portuguese banking sector, reporting a huge loss of 3577.3 Million Euro.
These results can be explained by the staggering amount of provisions made by the bank to face
the impairities of several other companies detained by Grupo Espírito Santo.
• AUG 1: Espírito Santo Financière (Esfil) applied for creditor protection.
• AUG 3: Bank of Portugal unveils a plan to save BES that consists of pumping 4.9 billion euro into
the troubled bank and spliting it into two entities, a “good bank”, called Banco Novo, to house its
healthy assets and a “bad bank” for its riskier assets. This bailout was regarded as na isolated
case since Portugal’s bonds yielded gains while the Stock exchange regulator (CMVM) suspends
50 BES related stocks and BES shareholders blame the Bank of Portugal for misleading
information.
• AUG 5: BES declared that its stake in BES Angola will be placed in the newly formed "bad bank"
while its stocks are scheduled to be removed from the portuguese index PSI-20 by August 11.
Meanwhile, Crédit Agricole writes off 950 Million Euro investment in BES and with it, wipes out
nearly all of its second quarter profits.
Banca e
Seguros
2014 (continuation)
• AUG 6: Given the turmoil and recent revelation of a 847 million euro loan of PT to one of BES’s
affiliates Rioforte, and its impact on the already announced merger between PT and brazillian
telecommunications company Oi, Zainal Bava will be stepping down as chairman of PT and he
will focus helping Oi and Portugal Telecom work together more effectively.
• AUG 7: On the sidelines of all the turmoil, Portugal Telecom sais neither the Board of Directors
nor the Executive Committee approved the commercial paper issued by Rio Forte Investments
S.A. (a Espirito Sato Group – GES company) and that the board had asked the consulting
company PWC to analyse the procedures and actions regarding this investment.
• AUG 8: European Central Bank President Mario Draghi announced that the crisis surrounding
Banco Espirito Santo was contained swiftly by Portuguese authorities and it was prevented from
being a “systemic incident” as it was only “restricted to this bank and to the owners of this bank”.
Back in Portugal, the finance minister said that if the “good bank” Novo Banco is sold by less than
the state loan, the remaining Portuguese banks will have to bear the loss.
• AUG 9 and 10: Xinhua news agency reports protests against the 4.9 billion euro bailout program
of the Banco Espirito Santo by the Portuguese Government in Lisbon and Porto.
• AUG 11: The website of a Portuguese law firm reveals that in the minutes of an extraordinary
meeting of the Bank of Portugal (BdP) on 3 August, the day of BES dissolution into a “bad bank”
and a “good bank” renamed Novo Banco, the European Central Bank called Espirito Santo to pay
their 10 billion euro loan in 3 days.
• AUG 12: The newly formed bank Novo Banco (the healthy part of the now inexistent Banco
Espirito Santo) is to take provisions for the 3 billion euro credit line for an angolan subsidiary of
the former BES, named BES Angola, according to the Bank of Portugal. BES's downfall and its
effects are still very present and the troubles of PT (Portugal Telecom) for the 900 million loan to
one of its subsidiaries Rioforte has prompted a response from investors. The Portuguese
association of capital market investors and analysts (ATM) is going to start a class action law suit
against
the
boards
of
directors
of
Portugal
Telecom
(PT)
since
2001.
• AUG 13: Novo Banco is awaiting clarification from supervisors before deciding it should
reimburse former BES clients of their deposits, meanwhile the 3 billion euro provisions assumed
by the bank must be paid by BES Angola, according to the Bank of Portugal. The new bank has
been classified in Moody's ratings as "junk". Mario Draghi, ECB President, has stated that
Portugal will ride out the BES crisis without a major impact on its economy, showing the
behaviour of the countries bond yields as proof.
Banca e
Seguros
2014 (continuation)
• AUG 14: Germany's Central Bank President, Jens Weidmann has stated that the collapse of
Portugal’s second largest bank, Banco Espírito Santo (BES), proved that the eurozone was able
to “quickly handle this kind of problem, forcing investors to shoulder their responsibilities".
• AUG 21: Junior bondholders of Portugal’s Banco Espirito Santo have selected law firm
Shearman & Sterling to represent them in a challenge to the terms of the bank’s rescue and will
open discussions with the Bank of Portugal.
• AUG 25: The corporate empire of Portugal’s Espirito Santo family issued 5 billion euros ($6.6
billion) of new debt in the first six months of 2014, according to people familiar with the matter,
just as the clan’s businesses were nearing bankruptcy, according to an article by Reuters.
• AUG 26: In a communiqué sent to the CMVM, PT said that “regarding the criteria of investment in
diversified financial institutions with market reputation, it must be mentioned that given the
concentration of deposits and treasury applications in BES/GES, as at 31 December 2013 the
company was not following an effective diversification”.
• AUG 27: The governor of the Bank of Portugal (BdP) has asked the board of directors of Novo
Banco to come up with a “sustainable” plan to develop the company, according to a communiqué
issued by the new bank.
• AUG 28: A group of German creditors is attempting to block the planned sale of a Portuguese
insurance company in a move that could disrupt the disposal of assets belonging to the collapsed
Espírito Santo business empire according to the Financial Times. Meanwhile, bondholders of a
Espirito Santo Group company are questioning the attempted sale of Tranquilidade by the lender
that emerged from the collapse.
• AUG 29: The state put up the advance of €635 million to ensure the initial capitalisation process
of Novo Banco, the ‘good’ bank to emerge out of the collapsed BES group, according to a
statement from the Portuguese Banking Association. US firm Apollo is going to invest some €200
million to take over Portuguese insurance company Tranquilidade, a sum that includes a €140
million capital injection, a source told Lusa.
• SEP 1: Auditing company KPMG has refused to issue an opinion on the accounts of troubled
Portuguese bank Banco Espirito Santo (BES) as it was split into a good and a bad bank, it is not
possible to quantify the impacts of the problems at BES Angola and the bank’s board did not
confirm some information about the financial statements.
• SEP 4: The Swiss securities supervisor (FINMA) said on Wednesday that Banque Privée Espírito
Santo was being investigated to “discover the role of Swiss company Banque Privée Espírito
Santo in selling securities and financial products belonging to Grupo Espírito Santo (GES)”.
Banca e
Seguros
2014 (continuation)
• SEP 5: Failed Portuguese bank Banco Espírito Santo plans to shutter its Hong Kong operation
with the loss of roughly a dozen employees, severing a main tie to the Asian market.
• SEP 11: A series of ESFG bondholders filed a class action law suit against the sale of former
GES’s insurance branch Tranquilidade, meanwhile Portuguese healthcare company Jose de
Mello Saude has started a takeover battle with Mexico’s Grupo Angeles for the indebted Espirito
Santo family’s hospitals business, Espirito Santo Saúde. Also on this day, Portuguese Prime
Minister Pedro Passos Coelho and Bank of Portugal Governor Carlos Costa denied allegations
that they suggested former Banco Espirito Santo (BES) chief Ricardo Salgado to step down.
• SEP 13: Novo Banco SA Chief Executive Officer Vitor Bento and two board members plan to
resign, saying their mandate “significantly changed” since they were appointed two months ago.
• SEP 14: According to a statement by the Bank of Portugal, Eduardo Stock da Cunha, a
Portuguese banker currently working for Lloyds Banking Group, has been named as the new
chief executive of Novo Banco, the “good” bank created from the healthy assets of Banco Espírito
Santo.
• SEP 15: Prime Minister Pedro Passos Coelho announced that Portugal wants to sell Novo Banco
– the successor to troubled Banco Espirito Santo after a state rescue last month – quickly
because risks grow with time, a vision shared by EU Regulators.
• SEP 16: Shares in Portuguese bank BPI led market rises on Tuesday, climbing over 4%, while
Banco Comercial Portugues (BCP) were down 3.8%, with BPI benefiting from the expectation
that
it
may
buy
Novo
Banco.
• SEP 17: The budget and finance committee of Portugal’s parliament approved a motion to
summon the finance minister, Maria Luís Albuquerque, and the governor of the Bank of Portugal,
Carlos Costa, to testify on the recent resignation of the board of Novo Banco, successor to
collapsed bank Banco Espírito Santo (BES). On the same day, BES faced U.S. regulatory
scrutiny over a subsidiary’s transactions with an affiliated Panamanian lender.
• SEP 18: The fallout from the collapse of the Espirito Santo empire spread to the Middle East as
regulators
froze
deposits
at
a
private
bank
in
Dubai.
Sources / Fontes: Reuters / Lusa / Bloomberg / WSJ / FT / Expresso
Banca e
Seguros
2014 (continuation)
• SEP 19: Switzerland’s financial regulator, FINMA, said on Friday it had initiated bankruptcy
proceedings against Banque Priveé Espirito Santo SA (BPES), part of the Portuguese Espirito
Santo family’s troubled business empire. On the same day, ESFG has threatened a lawsuit if the
successor of collapsed Banco Espirito Santo does not hand over the proceeds of the proposed
sale of the group’s Portuguese insurer Tranquilidade.
• SEP 23: Chinese-controlled Fidelidade announce its takeover bid for ES Saúde, with the
proposed price of 4.72 euro per share. This offer surpasses the bids by the other two parties
interested in acquiring the company, Angeles Group (4.5 euro per share) and Mello Group (4.4
euro per share).
• SEP 29: Espírito Santo Group informed that it sold its subsidiary Espírito Santo Viagens (ES
Viagens) to Springwater, a Swiss company. The transaction amount remained undisclosed.
• OCT 10: Insurance company Fidelidade bought ES Saúde for €5.01 a share.
• OCT 17: Rioforte, the main holding of Espírito Santo’s family, was denied controlled management
by a Luxembourg court., which means that that the company will go into liquidation.
Furthermore,the Portuguese government committed amongst the European Comissionnot not to
inject any more funds into both Novo Banco) BES bad bank, both sucessors of the original BES.
The commitement also states that Novo Banco will not supply the bad bank with funds, with the
exception of liquidity necessary to wind down operational costs and activities.
• OCT 21: The Angolan Central Bank ordered Banco Espírito Santo Angola (BESA) to carry out a
€2.8 billion capital increase, in which part of the €55 million loan owned by Novo Banco is to be
converted to shares. Novo Banco will then keep a 9.9% of the Angolan bank.
• NOV 3: A class action suit, whose plaintiffs are a group of 120 BES investors, has been filled
requesting the annulment of the division of BES into Novo Banco and BES’ bad bank. The
plaintiffs demand Novo Banco’s assets to be transferred back to BES (currently the bad bank).
• NOV 17: A parliamentary inquiry commission with the objective of investigating whether the
collapse of BES and GES (Grupo Espírito Santo) was due to failures in management, regulation
or auditing has started. The commission will hear a total of 130 people. The inquiry’s findings are
expected to be presented in 120 days. The Portuguese Central Bank’s governor, Carlos Costa,
was the first person to speak at the commission and said that he had no power of law to remove
the BES management team, led by Ricardo Salgado, any earlier than he did.
Banca e
Seguros
2014 (continuation)
• NOV 18: The head of Portugal's securities market watchdog CMVM, Carlos Tavares, said in the
parliamentary inquiry commission that the Swiss firm Eurofin was a central go-between in a
complex scheme involving BES’ bonds via offshore companies to cover liabilities of the group, as
its empire crumbled during the fist half of 2014. Carlos Tavares added that market manipulation
and financial fraud should be punished more heavily.
• DEC 3: The president of BES’ external auditor, KPMG Portugal, told the inquiry commission that
the collapse of the bank happened in spite of the auditor’s efforts, and that there had been
intense cooperation between KPMG, Banco de Portugal and the stock market regulatory
authority (CMVM).
• DEC 4: Banco de Portugal announced that about half of Novo Banco’s recapitalization (2.75
million euros of the 4.9 million euros’ recapitalization) was due to impairments regarding BES
Angola.
• DEC 8: Espírito Santo Investment Bank (BESI) was sold to the Chinese group Haitong for €379
million.
• DEC 9: Former BES CEO, Ricardo Salgado, spoke at the inquiry commission, where he claimed
that the collapse of the bank was caused by the excessive demands by Banco de Portugal
regarding constituting provisions in a short space of time.
• DEC 15: A group of investors that lost hundreds of millions of euros with the collapse of BES
filled a lawsuit against the European Commission's approval of the bailout of the bank.
• DEC 22: The Portuguese competition authority released a statement saying it did not oppose the
acquisition of Espírito Santo Saúde by Fidelidade.
Banca e
Seguros
Portuguese Financial Sector Overview
Portugal top 5 banks by assets / 5 Maiores Bancos em Portugal por ativos
Market Indicators
Indicadores de
Mercado
Ratings
Key Indicators
Principais Indicadores
Banks
Bancos
Assets Equity
#
CT 1* Profits ROE
(Annual)
Moody's
S&P
Fitch
1 CGD
100.2
7.2
10.7% 0.129
3.6%
Ba3
BB-
BB+
2 BES
93.4
4.2
5.0% -3.577 -170%
B3
B-
-
3 BCP
80.4
4.4
9.0% -0.062 -1.5%
B1
B+
BB+
4 Santander Totta
42.6
3.1
14.7%
5.2%
Ba1
BB
BBB-
5 BPI
41.3
2.6
8.6% -0.106 -5.1%
Ba3
BB-
BB+
Billions of EUR / * Core Tier 1 Fully implemented
0.08
Source / Fonte: Banks Reports (as of 30-07-2014)
Contingent Capital (CoCo’s) subscribed by Portuguese state / Capital Contingente
(CoCo’s) subscrito pelo estado Português
Coco's Subscribed by Portuguese State (June 2012)
CoCo's (as of October 2014)
3
1.7
1.5
1.2
0.9
0
1
Billions of EUR
0
2
0
3
0
4
0
5
Source / Fonte: Banks 2Q 2014 Results and September October bank statements
Banca e
Seguros
BES Current Shareholder Structure / Estrutura acionista atual do BES
Source / Fonte: BES website on 14-7-2014
BES Profits / Lucros do BES
327.5
465.6
402.3
522.1
556.9
96.1
-108.8
2006
2007
2008
Millions of EUR
2009
2010
Profit/Lucros
2011
-517.6
2012
-3480
1H2013 1H2014
ROE
BES shares performance / Performance das acções
2013
-237.9
40%
20%
0%
-20%
-40%
-60%
-80%
-100%
Source / Fonte: BES website on 04-8-2014
Banca e
Seguros
New Board of Directors for Novo Banco
After a statement by the former board of directors for their resignation, Bank of Portugal
appointed antoher new management for the recently established Novo Banco.
Eduardo Stock da Cunha
CEO
Former Auditing and Risk
Dir. at Lloyds Bank
Jorge Freire Cardoso
CFO
Vítor Fernandes | José João Guilherme
Former Executive Board
Member at CGD
Former CEO of
Mundial
Confiança
Former CEO of BIM
(Banco Internacional
de Moçambique)
Former Board of Directors of Novo Banco
After a Central Bank push for a change in management, Novo Banco, changed management
Vítor Bento - CEO
José Honório - VP
João Moreira Rato - CFO
Board of Directors of Banco Espírito Santo
Ricardo Salgado - CEO
José Maria Ricciardi - VP
Amílcar Morais Pires - CFO
13
Banca e
Seguros
Relevant Documents / Documentos Relevantes:
Latest Documents:
BES, 1 H 2014 Results
Wednesday, 30 July 2014
BES First Quarter 2014 Results
Thursday, 22 May 2014
BES informs about
cooptation of members of
the Board of Directors
Tuesday, 15 July 2014
Espírito Santo Fallout Risk
Remains But Contained For
Now, Fitch Ratings
Monday, 14 July 2014
BES informs on exposures
to Espírito Santo Group
Friday, 11 July 2014
BES Group Presentation
Monday, 30 June 2014
BES Group Institutional Presentation:
14
Banca e
Seguros
Latest News / Últimas Noticias
22-12-2014 Concorrência não se opõe à compra da Espírito Santo Saúde pela Fidelidade
19-12-2014 BESA missing €3Bn ‘never left Portugal’ – Sobrinho
15-12-2014 Investors file lawsuit against BES’ bailout
09-11-2014 BES collapse could have been avoided, former chief says
Bank of Portugal caused BES collapse – Salgado
Salgado speaks to parliamentary inquiry
08-12-2014 Novo Banco agrees on sale of BESI to Haitong for 379 mln euros
04-12-2014 BES Angola liable for more than half Novo Banco capital
03-12-2014 BES implosion not about the auditors
28-11-2014 BES collapse down to management not supervision
27-11-2014 BES head hearings rescheduled
21-11-2014 Parliamentary inquiry to call in BES ex-chief, current BESI chief
20-11-2014 BES split was ‘best option’ for tax payers – Finance minister
18-11-2014 Portugal regulator sheds light on BES debt scheme, Swiss go-between
17-11-2014 Central Bank governor opens BES inquiry
BES inquiry gets under way
21-10-2014 Novo Banco of Portugal has 9.9 pct of BESA
17-10-2014 Espirito Santo family's Rioforte to be liquidated
BES inquiry gets under way
15
Banca e
Seguros
Latest News/ Últimas Noticias
26-09-2014 Novo Banco to convert BES senior debt held by clients in deposits
23-09-2014 ECB stipulated changes outed BES problems
Chinese-controlled Fidelidade announce its takeover bid for ES Saúde
Mexican group Angeles raises offer price for Portugal’s ES Saude
19-09-2014 ESFG threatens lawsuit if Novo Banco doesn’t pay out on insurer sale
Espirito Santo’s Swiss Demise May Ensnare Depositors
Bankruptcy Proceedings Opened Against Swiss Espírito Santo Unit
Swiss begin bankruptcy proceedings against Espirito Santo private bank
18-09-2014 Dubai regulator places restrictions on Espírito Santo unit
Dubai Regulator Restricts Local Unit of Portugal’s Espírito Santo Group
Dubai Regulator Curbs Activities of Espirito Santo Bankers
17-09-2014 Finance minister, bank governor called to testify on latest BES crisis
Espirito Santo’s Miami Unit Probed Over Wealth Sales
U.S. Regulators Probe Florida Unit of Banco Espírito Santo
16-09-2014 BPI shares rise on Novo Banco purchase rumours
15-09-2014 Novo Banco poaches Lloyds banker for top role
Novo Banco Chief, Board Members to Quit Amid Sale Plan
Bank of Portugal picks new CEO for BES successor Novo Banco
Lloyds Executive Named to Run Portugal's Novo Banco
Bank of Portugal appoints new chairman for Novo Banco
Novo Banco 'not on sale tomorrow' - Prime minister
Portugal PM says Novo Banco sale has to be quick as risks grow
EU regulators expect Novo Banco sale to proceed as agreed
12-09-2014 Banco Espirito Santo: Family Fortunes
Banco Espírito Santo secretly lent funds to controlling shareholder
11-09-2014 PM, central bank deny plot to overthrow BES
Class action against Tranquilidade sale
Espirito Santo Saude Shares Rise Above Jose de Mello Offer Price
Jose de Mello Saude in bid battle for Espirito Santo health business
Portuguese authorities deny pushing former BES chief to step down
10-09-2014 Europe’s bank bail-in rules change game
05-09-2014 Banco Espírito Santo Shuttering Hong Kong Office
04-09-2014 BES Swiss affiliate ‘took all measures to safeguard clients’
01-09-2014 KPMG refuses to sign off BES accounts
16
Banca e
Seguros
28-08-2014 German creditors challenge sale of BES insurance arm
27-08-2014 Novo Banco to find new shareholders – Bank of Portugal
26-08-2014 Espírito Santo Saúde profits climb to €8.7 million
25-08-2014 GES insurer takeover for capital injection and €50M
21-08-2014 BES junior bondholders pick law firm over bank split
14-08-2014 BES solution proves Eurozone agility – Bundesbank president
13-08-2014 Behind the Collapse of Portugal's Espírito Santo Empire
Espirito Santo Rescue Playbook Staves Off Summer of Worry
Novo Banco 'awaits clarification' from supervisor on ES group debt
BES successor Novo Banco gains access to regular euro-zone liquidty
Moody’s rates Portugal’s Novo Banco “Junk”
Credit granted by BES to BES Angola must be paid – Bank of Portugal
12-08-2014 Investor association in class action against PT boards
Novo Banco to take full provision for BES's 3bln eur Angolan loans-Bank of Portugal
11-08-2014 Portuguese protest against BES bank bailout plan
Espirito Santo Offer Documents Said Reviewed by Regulator
08-08-2014 Banks to bear loss if BES 'good bank' sold for less than state loan
Banco Espirito Santo Episode Was Contained Swiftly, Draghi Says
Portuguese banking system faced systematic risk : central bank chief
BES events and reactions
07-08-2014 Portugal minister: growth to lure investors back after BES damage
Espirito Santo Shows EU’s Need for Speed Under New Banking Rules
17
Banca e
Seguros
06-08-2014 Zeinal Bava Leaving Portugal Telecom Chairman Post
Espirito Santo Bailout Wipes Out Brazil Unit Bond Losses
05-08-2014 BES Angola situated in assets of ‘bad bank’ Banco Espírito Santo
Crédit Agricole Takes $950 Million Charge on Portuguese Bank
Portugal watchdog investigates alleged insider trading in BES
BES stock to be removed from Portugal index –Euronext
Portugal bank collapse and rescue raises questions
04-08-2014 Portugal’s Bonds Lead Gains as BES Bailout Seen as Isolated Case
BES shareholders blame BdP for misleading info
Stock exchange regulator suspends 50 BES related bonds
Novo Banco - ex-BES - opens calmly
Portugal puts up $6.6 BN to save ailing bank
Portugal to bail out bank in 4.9-bln-euro rescue plan
Bank of Portugal Unveils Plan to Rescue Banco Espírito Santo
Portugal in $6.6 billion rescue of Banco Espirito Santo
Banco Espírito Santo to Be Split Up in Rescue by Portugal
Treasuries Fall After Portugal Rescues Banco Espirito Santo
31-07-2014 Half BES share worth wiped out in 20 minutes
Bank scandal tarnishes powerful Portuguese family
Portugal's Banco Espírito Santo Reports Record Loss
Trading in BES suspended until 0900 GMT after $4.8 bln loss
BES seeks capital as key staff suspended after massive losses
Banco Espírito Santo Posts $4.8 Billion Loss
Espírito Santo to Raise Capital After 3.6 Billion-Euro Loss
Espírito Santo Plans Capital Increase, Considers Asset Sales
Staggering €3.58 billion loss at BES in six months
BES, JM - no short-selling Thursday
Rioforte offices searched in tax evasion case
18
Banca e
Seguros
30-07-2014 Investment in Angolan Banking May Prove a Crippling Deal for Portugal
Banco Espírito Santo takes on Avistar telecommunications holding
Portugal's BES scraps July 31 shareholder meeting
Banco Espírito Santo Falls Before First-Half Results
29-07-2014 Rioforte and ESFG put into administration
Bank of Portugal Reaffirms Banco Espírito Santo Could Tap Investors for Capital
BES shares slide after report of big loss
Espírito Santo Units’ Creditor Protection Requests Are Accepted
25-07-2014 BES’s largest shareholder seeks controlled management in Portugal
Central bank, securities authority to audit Espírito Santo companies
CMVM Gave Grupo Espírito Santo Findings to Prosecutors
24-07-2014 BES relevant info only next week
PT, GES loan may be criminal – CMVM
Portuguese bank shares continue surge, BES up 9%
Ex-BES chief Salgado detained, brought before judge-court official
25-07-2014 BES’s largest shareholder seeks controlled management in Portugal
Central bank, securities authority to audit Espírito Santo companies
CMVM Gave Grupo Espírito Santo Findings to Prosecutors
24-07-2014 BES relevant info only next week
PT, GES loan may be criminal – CMVM
Portuguese bank shares continue surge, BES up 9%
Ex-BES chief Salgado detained, brought before judge-court official
19
Banca e
Seguros
23-07-2014 Portuguese bank shares surge on news of BES investors
BES Rises as Goldman Sachs and D.E. Shaw Buy Shares
Portugal’s Espírito Santo Family Sells Swiss Bank Assets
Rioforte seeking creditor protection as Espírito Santo crumbles
Espírito Santo’s Rioforte Files for Creditor Protection
Espírito Santo Picks Deutsche Bank for Advice on Balance Sheet
22-07-2014 BES postponed earnings presentation
Portugal, Greece Have Money If Banks Need, Regling Says
Espírito Santo Financial Group down and off Lisbon exchange
21-07-2014 Portugal’s embattled BES says it will appoint financial advisor
Portugal says private investors could bolster BES defences
Angola’s president ordered $5.7 bln guarantee of BES-linked loans-newpaper
Bank of Portugal Sees Fund to Bank Interest in BES
Portugal says private investors could bolster BES defences
15-07-2014 Portugal speeds up Banco Espírito Santo management changes
BES puts in place new executives after central bank push
Portuguese bond yields fall after BES takes steps to reassure market
Portuguese, Greek Bonds Advance as Bank Concern Wanes
Espírito Santo Financial Group sells 4.99% of BES, retains 20.1% stake
Banco Espírito Santo appoints new chief executive, finance director
Portugal’s BES shares slump as group debt falls due
20
Banca e
Seguros
14-07-2014
Portugal speeds up Banco Espírito Santo management changes
Portugal hopes new boss at BES marks fresh start for troubled bank
BES puts in place new executives after central bank push
Portuguese bond yields fall after BES takes steps to reassure market
Portuguese, Greek Bonds Advance as Bank Concern Wanes
Espírito Santo Financial Group sells 4.99% of BES, retains 20.1% stake
Banco Espírito Santo appoints new chief executive, finance director
11-07-2014 Treasuries Head for Biggest Gain Since March on Portugal Turmoil
Espírito Santo Discloses 1.2 Billion-Euro Exposure to GES
What to Do About Banco Espírito Santo of Portugal
Bank of Portugal doth protests BES is 'sound'
Canadian stock market tumbles over Portugal's banking system risk
Portuguese bank fears hit stock markets
Banco Espírito Santo Woes Highlight Banks' Lost Support
Espírito Santo in Downward Spiral as Shares Are Suspended
Markets Tumble on Portuguese Bank Concerns
Espírito Santo Financial Suspends Shares, Bonds on ESI Exposure
Portugal's Banking Crisis Isn't So Much A Banking Crisis As A Corporate One
Portugal suspends trading in Banco Espírito Santo shares: DJ
The BES Crisis Worldwide (Various Media Sources)
Portuguese Central Bank Urges Calm for Espírito Santo Depositors
Espírito Santo Turmoil Shows ECB's Challenge in Managing Systemic Risk
Portugal's PM tries to soothe investors; BES says can cover any losses
Gold up on Portuguese financial sector turmoil
10-07-2014
Concerns Over Banco Espírito Santo Rattle Portuguese Investors
BES crisis hearing in parliament next week
German Bonds Gain as Portugal Bank Woes Cast Shadow Over Markets
Portugal woes sink European stocks
Downward Spiral Continues at Espírito Santo
Banco Espírito Santo shares suspended in anticipation of news release
Banca e
Seguros
09-07-2014
Espírito Santo Bonds Tumble to Records Amid Missed Note Payments
BES’s Tumble and its effect on the market
08-07-2014
New BES directors 'chosen by shareholders' - governing party
07-07-2014
Portuguese bank Banco Espírito Santo expected to lose controlling stake in BES Angola
New CEO, CFO Chosen for Banco Espírito Santo
Banco Espírito Santo Pares Gains After Bento CEO Proposal
01-07-2014
Short-Selling of Banco Espírito Santo Briefly Banned
30-06-2014
Espírito Santo takes stock exchange hammering
GES 'no problem' - Albuquerque
Espírito Santo Declines to 11-Month Low as BofA Cuts Bonds
Portugal’s Bonds Drop With Spain’s Amid Espírito Santo Concern
Portugal yields rise on worries over Banco Espírito Santo
Latest News/
Últimas Noticias
Portugal: BES shares nose-dive on re-entering bourse
23-06-2014
Trading in BES, ESFG suspended, regulator awaits info on CEO
Portugal: Stock market suspends Espírito Santo shares
Espírito Santo Family Seen Loosening Grip on Namesake Bank
20-06-2014
Main BES shareholder proposes CFO to replace CEO
Espírito Santo Chief Ricardo Salgado Expected to Stand Down
Shareholders at Portugal's BES to approve new CEO, board at end-July assembly –
source
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