LONDON/LISBON - Laws may have been broken at Portugal's Banco Espirito Santo during a catastrophic six months that saw it lose 3.6 billion euros (2.8 billion pounds), the bank's new management said on Wednesday, as they vowed to raise new cash to bolster finances and to investigate the losses.
LONDON/LISBON - Laws may have been broken at Portugal's Banco Espirito Santo during a catastrophic six months that saw it lose 3.6 billion euros (£2.85 billion), the bank's new management said on Wednesday, as they vowed to investigate the losses and raise cash to bolster finances.
LISBON - The Bank of Portugal suspended all officials in charge of auditing and supervision at Banco Espirito Santo, saying it suspected "acts of harmful management" had contributed to the 3.6 billion euros (£2.85 billion) half-year loss posted by the bank on Wednesday night.
LISBON - Portugal's central bank said late on Monday that if Banco Espirito Santo posts a loss larger than its existing capital cushion of 2.1 billion euros (£1.65 billion), a capital increase will be used to guarantee adequate solvency levels.
LISBON - An investigating judge has named Ricardo Salgado, head of Portugal's Espirito Santo banking family and former chief of Banco Espirito Santo (BES) , as a suspect in a long-running money-laundering and tax evasion investigation.
* Lisbon's PSI-20 equity index outperforms with 1.7 pct rise
LISBON - Goldman Sachs's 2.27 percent interest in Portugal's Banco Espirito Santo was acquired on behalf of clients, the U.S. investment bank said in a statement on Wednesday afternoon.
(Repeats to additional subscribers, corrects date of DE Shaw stake acquisition in 13th par to July 14 from June 14)
(Corrects date of DE Shaw stake acquisition in 13th par to July 14 from June 14)
LISBON, July 21 - Portugal's president warned on Monday that fallout from the financial troubles of the founding family of Banco Espirito Santo (BES) could affect the wider economy, while the bank said it was appointing a special financial advisor to help boost its capital structure.
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