September 18, 2014 / 7:27 AM / 3 years ago

Dubai's FSA regulator imposes curbs on local Espirito Santo bank

DUBAI, Sept 18 (Reuters) - The Dubai Financial Services Authority (DFSA) said on Thursday that it was imposing restrictions on ES Bankers (Dubai) Ltd (ESBD), part of Espirito Santo group, after the Portuguese group ran into financial difficulties.

ESBD has been restricted from taking or paying deposits, and it is required to maintain and preserve its assets, the DFSA, which is the regulator for the Dubai International Financial Centre (DIFC), said in statement.

The DFSA said ESBD’s operations and solvency had been “seriously compromised”, and that it was acting to protect the interests of depositors and other clients of the bank.

As a DIFC bank, ESBD is not permitted to deal with retail clients or accept deposits from United Arab Emirates clients, the DFSA said. (Reporting by Andrew Torchia)

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