Dear Sir,
The Portuguese Banking supervisory authority, the Banco de Portugal, has decided last August 3rd to apply to Banco Espírito Santo, S.A. a resolution measure consisting in the transfer of most of its business to a bridge bank, the so-called Novo Banco, S.A., specifically set up for this purpose.
According to the Bank of Portugal, the shareholders of Banco Espírito Santo, S.A. primarily bear the burden of losses arising from the financial imbalance of Banco Espírito Santo, S.A..
Given that the business of Banco Espírito Santo, S.A. that has not been transferred to Novo Banco will form part of the judicial liquidation proceedings, any rights that shareholders may have must be exercised within the liquidation proceedings of Banco Espírito Santo, S.A. under the terms of the law.
Please refer to the official internet site of the Bank of Portugal for further explanations of this Authority in connection with the decisions taken upon Banco Espírito Santo, S.A. (www.bportugal.pt), in particular to www.bportugal.pt/en-US/OBancoeoEurosistema/...es/infobes.aspx, where you may find a set of frequently asked questions about Banco Espírito Santo and the Bank of Portugal decisions.
Kind regards,
LEONEL PINTO RAMOS
Director Geral
NOVOBANCO- SUICA
Av.Montchoisi 15 - 1006 Lausanne Switzerland