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Banco Espirito Santo
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Banco Espirito Santo

bank, Portugal
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Quick Summary

Banco Espírito Santo (BES) was Portugal's largest privately owned bank. In August 2014, it collapsed due to accusations of fraud and tax evasion within its management. The Bank of Portugal intervened, injecting €4.9 billion (approximately $6.4 billion) from Portugal's bailout funds to stabilize the situation.1

The healthy parts of BES were reorganized into a new entity called Novo Banco, while its problematic assets were placed in a "bad bank". This event caused initial market jitters in Europe but was quickly contained by Portuguese officials. The collapse of BES occurred as Portugal was emerging from recession and completing its bailout obligations.12

Summary created from Britannica articles using AI. AI can make mistakes, so verify using Britannica articles.
3 Britannica Sources
  1. euro-zone debt crisis - 2014
  2. history of Portugal - Sovereign debt crisis
  3. Banco Santander, SA

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