Chinese group sells London and New York branches of Haitong Bank

18 December 2017

Haitong Bank, formerly Banco Espirito Santo de Investimento (BESI), will divest its branches in London and New York, the bank said in a statement released by the Portuguese Securities and Exchange Commission (CMVM).

The bank announced that two agreements have been concluded with Haitong International Limited, wholly-owned by Haitong International Securities Group Limited, for the sale of Haitong Securities USA LLC (USA) and Haitong Limited and Haitong Securities Limited (based in the United Kingdom).

The statement adds that after these transactions, subject to obtaining regulatory authorizations, the “entities concerned will no longer be subsidiaries of Haitong Bank and will be excluded from the respective consolidation perimeter.”

Haitong Bank did not disclose the values of either of these transactions.

Banco Espírito Santo de Investimento was incorporated into Novo Banco after the bankruptcy of Banco Espírito Santo in August 2014 and was sold in September 2015 to Chinese group Haitong for €379 million and renamed Haitong Bank. (macauhub)