Banco Espirito Santo split in $6.6 billion rescue plan
August 4 , 2014
Banco Espirito Santo has been split by Portugal's central bank in a $6.6 billion rescue that attempts to protect taxpayers and customers of the bank.
A majority of the bank’s deposits, operations and workers would be transferred to a new entity, Novo Banco, under the control of the Bank of Portugal.
“Nothing changes for the customers, who will be able to carry out all operations as usual and without disruption," the central bank said in a statement.