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BES retail clients' exposure to holding company debt cut to 651 mln euros
June 30, 2014 / 3:21 PM / in 3 years

BES retail clients' exposure to holding company debt cut to 651 mln euros

LONDON/LISBON, June 30 (Reuters) - Retail customers of Banco Espirito Santo have 651 million euros ($888 million) of debt issued by companies linked to BES’s founding family, down from 2.1 billion euros at the end of December, the bank’s chief financial officer Amilcar Pires said on Tuesday.

The sale of debt from companies related to the Espirito Santo family to BES retail customers triggered concerns at the Bank of Portugal, which called for the debt’s swift repayment. The Espirito Santo family lost control of the bank in a June capital raising and their patriarch has agreed to step down as CEO.

On a conference call with investors, BES executive Joaquim Goes said the bank’s Angolan subsidiary, which has been the subject of investor concern recently, had a guarantee covering about 70 percent of its 6 billion euros loan book but that it was “not a general guarantee”. ($1 = 0.7331 Euros) (Reporting By Laura Noonan and Andrei Khalip; Editing by Steve Slater)

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