363:, currency exchange, and securities business carried out by José Maria do Espírito Santo e Silva between 1869 and 1884. The first references to trading that the “patriarch of the only dynasty of Portuguese bankers” was undertaking was in the purchase and sale of lotteries, along with national and international transactions in loan securities, on his own account. This took place in his Casa de Cambio, situated in centre of Lisbon and which dated back to the second half of the 19th century (1869). Since then and until 1920, he founded a number of banking institutions, such as Beirão, Silva Pinto & Cª., (1884–1887), Silva, Beirão, Pinto & Cª. (1897–1911), J. M. Espírito Santo Silva (1911–1915), and J. M. Espírito Santo Silva & Cª. (1915).
496:
40:
31:
547:
914:
344:
336:
526:
BES has had a stable shareholder structure since 1991. The main shareholders, ESFG and Crédit
Agricole, hold 50.8% of the capital. The Group's presence today is felt in 23 countries on four continents through branches, offices of representation, or sub-companies, making the Banco Espírito Santo Group
366:
In 1915, after the death of José Maria do Espírito Santo e Silva, these firms were dissolved and his heirs founded the Casa Bancária Espírito Santo Silva & Cª, which was transformed into a public limited-liability company in 1920 under the name Banco Espírito Santo with the bank, in this decade,
481:
In the first six months of 2014 the bank lost the equivalent of $ 4.8 billion raising concerns about the health of the bank. BES shares fell by 89 per cent. On 3 August 2014, Portugal's central bank announced BES would be restructured by splitting the bank in two. This announcement, following BES
412:, and the United Kingdom, among others. Under a Decree Law of 1975, the bank was nationalised and the Espírito Santo family was prevented from doing business in Portugal. Within this context, the family re-established its financial interests abroad in countries such as
312:, while the toxic assets remained in the existing bank ("bad bank") which entered into liquidation in 13 July 2016. Novo Banco received a €4.9 billion bailout to be recapitalized. The bailout was funded by the Portuguese Resolution Fund (
454:
In 1990, the Espírito Santo Group recovered
Companhia de Seguros Tranquilidade — the Espirito Santo family held a stake since 1935 — and the control of Banco Espírito Santo in 1991 with the creation of a
835:
440:
861:
775:
a administração do BES liderada por
Ricardo Salgado "desobedeceu ao Banco de Portugal 21 vezes, entre Dezembro de 2013 e Julho de 2014", praticando "actos dolosos de gestão ruinosa"
531:
reinforcing its positioning as a socially responsible institution. On 3 January 2011, BES was nominated "Best Trade
Financial Bank" in Portugal for the fifth consecutive year by
598:
401:
through a merger with Banco
Comercial de Lisboa to form Banco Espírito Santo e Comercial de Lisboa (BESCL), which again changed its name to BES in 1999.
527:
the most international of the
Portuguese financial groups. Since 2007, BES has been the only Portuguese bank to be included on the sustainability index
632:
719:
470:
and in 1995, to open Banco Espírito Santo do
Oriente (BESOR) that offers corporate and investment solutions to private clients. Also, in 2001,
831:
789:
857:
877:
899:
448:
367:
managing to consolidate its position within the context of national banking by opening agencies and using a renewed management model.
1090:
658:
327:"disobeyed the Bank of Portugal 21 times, between December 2013 and July 2014", practising "wilful acts of ruinous management".
1085:
689:
1080:
1075:
980:
1029:
565:
429:
1034:
482:
record Q2 loss of €3.49 billion, allowed
Portuguese stocks to outperform the broader European market the next day.
382:
in 1937. It opened branches throughout the country and became
Portugal's leading private bank. The purchase of the
892:
320:), to which the Portuguese government lent €3.9 billion. The Resolution Fund became the sole owner of Novo Bank.
248:
763:
602:
471:
237:
624:
293:(€80,700 million in March 2011), with an average market share of 20.3% in Portugal and 2.1 million clients.
907:
952:
727:
1044:
957:
885:
570:
1039:
806:
908:
371:
995:
786:
120:
1070:
443:(BIC), also forming Espírito Santo Sociedade de Investimentos (ESSI), together with Swiss bank
335:
285:
It once was the second-largest listed
Portuguese bank and the ninth-largest contributor to the
17:
1049:
990:
931:
666:
152:
305:
8:
313:
509:
Please help update this article to reflect recent events or newly available information.
289:
index. BES was the second-largest private financial institution in Portugal in terms of
467:
398:
144:
63:
53:
436:
935:
297:
404:
Up to the mid-1970s, BESCL reinforced its international presence with acquisitions,
759:
205:
697:
308:
that split the bank in two. The bank was split into a healthy bank ("good bank"),
1006:
793:
754:
528:
456:
439:
and with the support of a core group of Portuguese shareholders. They formed the
421:
324:
156:
115:
140:
39:
1064:
687:
420:, France, and the United States, culminating in 1975 with the creation of a
30:
923:
858:"WORLD'S BEST INTERNET BANKS IN EUROPE 2011 | Global Finance Magazine"
552:
405:
387:
301:
417:
560:
425:
309:
290:
275:
232:
175:
89:
343:
984:
962:
148:
408:, and the creation of banks in countries such as the United States,
390:
financially through international transactions for products such as
913:
749:
391:
352:
279:
264:
128:
103:
360:
475:
413:
409:
323:
It has since been proven that the administration of BES led by
286:
271:
99:
688:
Comissão Liquidatária do Banco Espírito Santo (28 July 2016).
625:"Portugal splits Banco Espirito Santo in $ 6.6 billion rescue"
659:"Portugal in 4.9 billion euro rescue of Banco Espirito Santo"
463:
348:
190:
267:
810:
628:
444:
435:
The return to Portugal began in 1986 in partnership with
542:
459:between ESFG and Crédit Agricole, called BESPAR.
1062:
652:
650:
339:José Maria do Espírito Santo e Silva (1850–1915)
752:[Confirmed ruinous management in BES].
397:In 1937, the bank strengthened its position in
359:Banco Espírito Santo's origins began with the
274:that on 3 August 2014 was split in two banks:
893:
647:
466:market where it created Banco Espírito Santo
374:time in control of BES, the bank merged with
722:[Financing of resolution measures].
278:, which kept its healthy operations, and a "
394:, which was much in demand by the Germans.
900:
886:
809:. besor.com.mo. 2002-02-10. Archived from
428:. This company was the predecessor of the
380:Banco Espírito Santo e Comercial de Lisboa
38:
656:
372:Ricardo Ribeiro do Espírito Santo Silva's
855:
593:
591:
589:
587:
585:
342:
334:
720:"Financiamento de medidas de resolução"
304:, intervened in the bank by applying a
1063:
601:. Banco Espírito Santo. Archived from
881:
635:from the original on 20 February 2015
582:
489:
462:In 1992, BES began operating in the
690:"MENSAGEM DA COMISSÃO LIQUIDATÁRIA"
657:Gonçalves, Sérgio (4 August 2014).
485:
13:
834:. marketwatch.com. 8 August 2014.
750:"Confirmada gestão ruinosa no BES"
347:Branch of Banco Espírito Santo in
14:
1102:
386:gave BES the capacity to exploit
912:
545:
494:
29:
1091:1869 establishments in Portugal
981:Banco Português de Investimento
864:from the original on 2014-02-28
849:
838:from the original on 2014-08-08
766:from the original on 2015-08-10
726:(in Portuguese). Archived from
696:(in Portuguese). Archived from
824:
799:
780:
742:
712:
681:
617:
566:Espírito Santo Financial Group
441:Banco Internacional de Crédito
430:Espírito Santo Financial Group
1:
576:
1086:Banks disestablished in 2014
1030:Banco Português do Atlântico
282:" to keep its toxic assets.
7:
1035:Banco Português de Negócios
538:
472:Banco Espírito Santo Angola
238:Banco Espírito Santo Angola
10:
1107:
1045:Banco Nacional Ultramarino
571:Inter-Alpha Group of Banks
330:
15:
1081:Banks established in 1869
1076:Defunct banks of Portugal
1015:
971:
945:
922:
503:This section needs to be
376:Banco Comercial de Lisboa
244:
231:
218:
203:
188:
173:
162:
136:
125:, Alberto Oliveira Pinto
109:
95:
85:
77:
69:
59:
49:
37:
28:
24:Banco Espírito Santo S.A.
972:Other retail banks &
953:Caixa Geral de Depósitos
16:Not to be confused with
1040:Banco Privado Português
796:retrieved July 13, 2011
378:, changing its name to
1018:financial institutions
974:financial institutions
946:major Portuguese banks
474:, a bank formed under
356:
340:
317:
18:Banco di Santo Spirito
991:Banco Santander Totta
932:European Central Bank
787:ESFG - Nossa historia
346:
338:
1025:Banco Espírito Santo
694:Banco Espírito Santo
599:"Annual Report 2010"
257:Banco Espírito Santo
1016:Defunct banks &
384:Comercial de Lisboa
220:Number of employees
25:
832:"The Market Watch"
792:2011-09-06 at the
730:on 4 December 2023
724:Fundo de Resolução
478:law, was founded.
399:commercial banking
357:
341:
318:Fundo de Resolução
306:resolution measure
296:On 3 August 2014,
145:investment banking
64:Financial services
23:
1058:
1057:
936:Banco de Portugal
909:Banks of Portugal
758:(in Portuguese).
631:. 4 August 2014.
524:
523:
298:Banco de Portugal
254:
253:
227:
214:
199:
184:
169:
132:
124:
54:Sociedade Anónima
1098:
1000:Crédito Agrícola
917:
916:
902:
895:
888:
879:
878:
873:
872:
870:
869:
853:
847:
846:
844:
843:
828:
822:
821:
819:
818:
803:
797:
784:
778:
777:
772:
771:
746:
740:
739:
737:
735:
716:
710:
709:
707:
705:
685:
679:
678:
676:
674:
665:. Archived from
654:
645:
644:
642:
640:
621:
615:
614:
612:
610:
595:
555:
550:
549:
548:
519:
516:
510:
498:
497:
490:
486:Former structure
225:
212:
208:
197:
193:
182:
167:
153:asset management
126:
118:
44:Branch in Lisbon
42:
33:
26:
22:
1106:
1105:
1101:
1100:
1099:
1097:
1096:
1095:
1061:
1060:
1059:
1054:
1017:
1011:
973:
967:
941:
918:
911:
906:
876:
867:
865:
854:
850:
841:
839:
830:
829:
825:
816:
814:
805:
804:
800:
794:Wayback Machine
785:
781:
769:
767:
748:
747:
743:
733:
731:
718:
717:
713:
703:
701:
700:on 8 March 2023
686:
682:
672:
670:
655:
648:
638:
636:
623:
622:
618:
608:
606:
597:
596:
583:
579:
551:
546:
544:
541:
529:FTSE4Good Index
520:
514:
511:
508:
499:
495:
488:
457:holding company
451:of Luxembourg.
437:Crédit Agricole
422:holding company
333:
325:Ricardo Salgado
221:
211:€7.476 billion
204:
196:€83.66 billion
189:
181:€510.5 million
178:
166:€2.320 billion
157:venture capital
116:Ricardo Salgado
112:
45:
21:
12:
11:
5:
1104:
1094:
1093:
1088:
1083:
1078:
1073:
1056:
1055:
1053:
1052:
1047:
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1037:
1032:
1027:
1021:
1019:
1013:
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1010:
1009:
1004:
1001:
998:
993:
988:
977:
975:
969:
968:
966:
965:
960:
958:Millennium BCP
955:
949:
947:
943:
942:
940:
939:
928:
926:
920:
919:
905:
904:
897:
890:
882:
875:
874:
856:Andrea Fiano.
848:
823:
807:"besor.com.mo"
798:
779:
762:. 2015-04-30.
741:
711:
680:
646:
616:
605:on 27 May 2011
580:
578:
575:
574:
573:
568:
563:
557:
556:
540:
537:
533:Global Finance
522:
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138:
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113:
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71:
67:
66:
61:
57:
56:
51:
47:
46:
43:
35:
34:
9:
6:
4:
3:
2:
1103:
1092:
1089:
1087:
1084:
1082:
1079:
1077:
1074:
1072:
1071:Bank failures
1069:
1068:
1066:
1051:
1048:
1046:
1043:
1041:
1038:
1036:
1033:
1031:
1028:
1026:
1023:
1022:
1020:
1014:
1008:
1005:
1002:
999:
997:
994:
992:
989:
986:
982:
979:
978:
976:
970:
964:
961:
959:
956:
954:
951:
950:
948:
944:
937:
933:
930:
929:
927:
925:
921:
915:
910:
903:
898:
896:
891:
889:
884:
883:
880:
863:
860:. Gfmag.com.
859:
852:
837:
833:
827:
813:on 2014-05-18
812:
808:
802:
795:
791:
788:
783:
776:
765:
761:
757:
756:
751:
745:
729:
725:
721:
715:
699:
695:
691:
684:
669:on 2 May 2024
668:
664:
660:
653:
651:
634:
630:
626:
620:
604:
600:
594:
592:
590:
588:
586:
581:
572:
569:
567:
564:
562:
559:
558:
554:
543:
536:
534:
530:
518:
515:February 2015
506:
501:
492:
491:
483:
479:
477:
473:
469:
465:
460:
458:
452:
450:
446:
442:
438:
433:
431:
427:
423:
419:
415:
411:
407:
402:
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395:
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389:
385:
381:
377:
373:
368:
364:
362:
354:
350:
345:
337:
328:
326:
321:
319:
315:
311:
307:
303:
300:, Portugal's
299:
294:
292:
288:
283:
281:
277:
273:
269:
266:
262:
258:
250:
247:
243:
239:
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195:
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150:
146:
142:
139:
135:
130:
122:
117:
114:
108:
105:
101:
98:
94:
91:
88:
84:
80:
76:
72:
68:
65:
62:
58:
55:
52:
48:
41:
36:
32:
27:
19:
1024:
924:Central bank
866:. Retrieved
851:
840:. Retrieved
826:
815:. Retrieved
811:the original
801:
782:
774:
768:. Retrieved
753:
744:
732:. Retrieved
728:the original
723:
714:
702:. Retrieved
698:the original
693:
683:
671:. Retrieved
667:the original
662:
639:24 September
637:. Retrieved
619:
609:12 September
607:. Retrieved
603:the original
553:Banks portal
532:
525:
512:
504:
480:
461:
453:
434:
406:partnerships
403:
396:
388:World War II
383:
379:
375:
369:
365:
358:
322:
302:central bank
295:
284:
260:
256:
255:
233:Subsidiaries
206:Total equity
191:Total assets
96:Headquarters
81:13 July 2016
50:Company type
418:Switzerland
1065:Categories
983:(owned by
868:2014-07-12
842:2014-08-04
817:2014-07-12
770:2015-08-10
577:References
561:Cardmobili
535:magazine.
426:Luxembourg
314:Portuguese
310:Novo Banco
291:net assets
276:Novo Banco
265:Portuguese
226:(end 2010)
213:(end 2010)
198:(end 2010)
176:Net income
111:Key people
90:Novo Banco
996:Banco CTT
985:CaixaBank
963:novobanco
424:based in
270:based in
149:insurance
86:Successor
1007:Montepio
862:Archived
836:Archived
790:Archived
764:Archived
673:4 August
633:Archived
539:See also
449:KBC Bank
432:(ESFG).
392:tungsten
353:Portugal
280:bad bank
263:) was a
137:Products
129:Chairman
104:Portugal
60:Industry
1003:EuroBIC
663:Reuters
505:updated
476:Angolan
464:Spanish
370:During
361:lottery
331:History
245:Website
163:Revenue
78:Defunct
70:Founded
414:Brazil
410:Angola
287:PSI-20
272:Lisbon
249:bes.pt
224:9,860
183:(2010)
168:(2010)
141:Retail
100:Lisbon
1050:Banif
734:2 May
704:2 May
349:Braga
240:(76%)
760:Lusa
736:2024
706:2024
675:2014
641:2014
611:2010
468:S.A.
447:and
268:bank
143:and
73:1869
755:Sol
629:CNN
445:UBS
261:BES
121:CEO
1067::
773:.
692:.
661:.
649:^
627:.
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259:(
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127:(
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119:(
20:.
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
