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Bank of Portugal sees private solution if BES needs capital
July 18, 2014 / 10:27 AM / in 3 years

Bank of Portugal sees private solution if BES needs capital

LISBON, July 18 (Reuters) - Portugal’s Banco Espirito Santo (BES) should have no problems raising capital by bringing in new investors should additional cash become necessary, the Bank of Portugal’s governor said on Friday, reiterating that the bank has a capital cushion to meet a range of risks and uncertainties.

Carlos Costa told a parliament committee that “preliminary contact between BES and international investment banks, as well as interest shown by various entities, investment funds and European banks show that it is very probable that there could be a private solution to reinforcing capital.”

Recent disclosures of financial irregularities at a web of holding companies owned by the bank’s founding family have raised questions about potentially destabilising losses at BES, Portugal’s largest listed lender, in which the family is the largest shareholder. (Reporting by Andrei Khalip; Editing by David Holmes)

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