Angola guarantee for BES Angolan unit to be revoked in overhaul - cenbank

JOHANNESBURG Mon Aug 4, 2014 7:57am EDT

JOHANNESBURG Aug 4 (Reuters) - Angola's central bank on Monday announced "extraordinary overhaul measures" for the local unit of Portugal's Banco Espirito Santo, saying a sovereign guarantee of most of its loans would be revoked in the initial phase of this process.

Provisional administrators had been named to carry out the overhaul, National Bank of Angola said in a statement, citing the "deteriorated state" of the credit portfolio of Banco Espirito Santo Angola (BESA).

The bank's assets would be assessed and could be sold-off or restructured, it said. (Reporting by Xola Potelwa, Pascal Fletcher; Editing by Joe Brock)