management of portugals bes good bank quits
Friday 24 January 2025
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

Management of Portugal's BES 'good bank' quits

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice Management of Portugal's BES 'good bank' quits

Pedestrians walk past the BES (Espirito Santo Bank) headquarters
Lisbon - AFP

The management team leading Portugal's Novo Banco, created last month by a government bailout of stricken lender Banco Espirito Santo, on Saturday announced it plans to resign.
The president, vice-president and financial director, who took the helm of BES in mid-July, announced their intention to give up their roles in Novo Banco while "leaving time for a smooth transition to be prepared".
The team, let by prominent economist Vitor Bento, took over the leadership of BES when the bank was in the firing line due to allegations of accounting fraud in its parent companies. 
On August 3, a few days after BES reported a record loss of 3.57 billion euros ($4.6 billion), Lisbon stepped in to quell rising panic in the financial markets and fears it could hurt Portugal's economy.
The plan involved splitting the lender into two banks: Novo Banco will take the capital injection and all of the bank's viable assets, while the so-called "bad bank" BES will house all of its toxic debts.
Novo Banco's management said Saturday they had decided to leave because "circumstances have changed", rebuffing media reports they had come into conflict with the authorities.
"We have helped to stabilize the bank" and "the process for a quick sale of the bank was launched", they said. "It is time to pass the baton."
Both Lisbon and the Portuguese banks that contributed to the 4.9 billion euro rescue have pressed for the bank to swiftly be sold on the market to help taxpayers already hit hard by austerity.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

management of portugals bes good bank quits management of portugals bes good bank quits

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

management of portugals bes good bank quits management of portugals bes good bank quits

 



GMT 10:31 2014 Tuesday ,23 December

Mirages of failure: Lebanon cannot wait

GMT 21:47 2015 Sunday ,09 August

Ellen Pompeo reflects on Derek Shepherd's death

GMT 18:29 2017 Friday ,27 October

Israel confiscate Palestinian land near Halamish

GMT 12:02 2017 Tuesday ,30 May

Temperatures to peak to 40° today in UAE

GMT 09:35 2017 Thursday ,26 October

Wael Jassar participates in concerts in Cairo

GMT 21:13 2017 Saturday ,09 September

Active outdoors? This smart watch is for you

GMT 19:47 2018 Sunday ,21 January

Fleetwood retains Abu Dhabi HSBC Championship title

GMT 06:51 2018 Sunday ,14 January

S. Africa's Markram falls short of century

GMT 21:42 2018 Tuesday ,09 January

Macron bets on horse diplomacy in China

GMT 07:27 2017 Sunday ,17 September

Russian strike wounds US-backed Syria fighters

GMT 11:07 2017 Monday ,28 August

Saudi congratulates Iraq on city liberation

GMT 08:56 2017 Friday ,29 December

Assy Al Helani cancels concert in Qatar
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice