LISBON, July 5 The main shareholder in
Portugal's Banco Espirito Santo picked an outsider to lead the
bank after its previous choice of chief financial officer for
the top job, who is seen as close to BES' founding
family, ran into opposition by regulators.
Espirito Santo Financial Group, that holds 25.1 percent of
BES, said in a statement on Saturday that it and other
"reference shareholders" will propose Vitor Bento, a 60-year-old
economist, former Portugal's debt agency chief and Bank of
Portugal department head, as the new chief executive.
Shareholders will vote on the nomination at a general meeting on
The bank's founding Espirito Santo family has been under
regulator scrutiny since acknowledging in May there were
"material irregularities" at a Luxembourg-registered holding
company through which it has held part of its stake in the bank.
The family lost control of the country's largest listed bank
by assets in last month's 1 billion euro capital increase and
the new move means their grip on the bank will likely diminish
further after a clear signal from regulators that they want to
isolate the bank from any fallout from the family's problems.
ESFG also proposed Joao Moreira Rato, who leads the
country's debt agency IGCP and has been in charge of Portugal's
successful return to debt markets after an international bailout
in 2011, to be Bento's chief financial officer at BES.
(Reporting By Andrei Khalip)