Banco Espirito Santo de Investimento (BESI) ceased to exist and has been replaced by China’s Haitong Bank, according to a statement released Monday in Lisbon by the Portuguese Securities Market Commission (CMVM).
Novo Banco, which inherited the healthy assets of the bankrupt Banco Espirito Santo and Haitong International Holdings Limited Monday signed the deed of purchase and sale of Banco Espírito Santo de Investimento, ending a process that began in December 2014 .
On 8 December 8, Novo Banco reported that it “concluded on this date, the sale to Haitong International Holdings Limited, a company incorporated in Hong Kong, a subsidiary wholly owned by Haitong Securities group, of the entire share capital of Banco Espírito Santo de Investment (BESI) for the price of 379 million euros.”
The sale of the bank to the Chinese company was communicated to CMVM on 4 December 2014, and the deal depended on approval from a number of institutions including the Bank of Portugal, the European Commission, the competition authorities and a number of other authorities that directly supervise the acquiring bank.
On 3 August, 2014, the Bank of Portugal took control of Banco Espírito Santo, following half-yearly losses of 3.6 billion euros and announced the split of the bank into two separate entities: the so-called “bad bank” (a vehicle that kept the BES name and the toxic assets and liabilities of BES, as well as shareholders) and the bridge bank, which was called Novo Banco.
Banco Espírito Santo de Investimento, upon resolution of Banco Espírito Santo, was passed on to Novo Banco. (macauhub/CN/PT)