portuguese bank bes shares tumble after management change
Last Updated : GMT 05:39:09
Arab Today, arab today
Arab Today, arab today

Portuguese bank BES' shares tumble after management change

Arab Today, arab today

Arab Today, arab today Portuguese bank BES' shares tumble after management change

Espirito Santo Bank headquarters in Lisbon
Lisbon - AFP

Shares in Portugal's largest listed bank, Banco Espirito Santo (BES), plunged further Monday as the arrival of new directors failed to shake off worries about the founding family's empire.
After posting an early gain of almost 6.0 percent on news that new managers had taken over, BES shares then nosedived. When the market closed, they were down by 7.48 percent at 0.44 euros.
The PSI-20 index on which the bank's shares are listed was 0.63 percent higher overall.
BES shares were suspended from trading last week after slumping more than 17 percent on Thursday, and they lost another 5.5 percent on Friday as trading resumed.
Under pressure from Portugal's central bank, BES named a new team of directors on Sunday, with former boss Ricardo Espirito Santo Salgado handing over to economist and former central bank official Vitor Bento.
Officials in Lisbon and other eurozone capitals want to ensure that trouble at BES, which rocked markets last week, does not affect other financial networks.
Concerns that the troubles could have a wider impact on Portugal -- which only two months ago exited a three-year, 78-billion-euro ($106 billion) international bailout -- underscored the eurozone economy's fragile recovery.
German Chancellor Angela Merkel voiced concern on Saturday, saying that the developments in Portugal "demonstrate the speed at which markets take fright and the point at which the euro remains fragile".
ETX Capital analyst Daniel Sugarman noted Monday, however, that Portuguese bonds had recovered after Prime Minister Pedro Passos Coelho said there would be no state bailout of BES.
The yield on 10-year Portuguese debt fell to 3.81 percent on Monday, from 3.87 percent on Friday.
"Coelho put the onus on private businesses, rather than taxpayers, to assist the bank with its finances," Sugarman said.
Salgado, the patriarch of the bank's founding family and head of the bank for 23 years, tendered his resignation last month following the discovery of accounting irregularities by the bank's holding company.
Analysts suspect that the family-run Espirito Santo International (ESI) covered up a 1.3 billion euro hole in its accounts.
The family has cut its BES stake by almost 5.0 percent to 20.1 percent to raise cash to pay maturing debt.

 

arabstoday
arabstoday

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*

portuguese bank bes shares tumble after management change portuguese bank bes shares tumble after management change

 



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*

portuguese bank bes shares tumble after management change portuguese bank bes shares tumble after management change

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today The Big Apple bike boom

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Leaders of Russia, Iran, Turkey meet

GMT 10:12 2017 Wednesday ,22 November

Leaders of Russia, Iran, Turkey meet
Arab Today, arab today 'Advanced' cyber attack targets Saudi Arabia

GMT 10:18 2017 Wednesday ,22 November

'Advanced' cyber attack targets Saudi Arabia
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Singer Jahda Wahba has unlimited ambitions

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 13:41 2017 Tuesday ,21 November

French choke up over proposal

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday