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3 years ago
BES to launch capital increase, seek sale of non-strategic assets
July 30, 2014 / 10:07 PM / 3 years ago

BES to launch capital increase, seek sale of non-strategic assets

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LISBON, July 30 (Reuters) - Banco Espirito Santo will immediately begin a process to increase its capital after posting a massive loss on its exposure to troubled companies of its founding family, BES chief executive said, adding that various investors have already shown interest in taking stakes in the bank.

Vitor Bento also said in a statement he had launched a restructuring plan that would involve "a thorough evaluation of the bank's assets that could be divested, including, but not limited to, those associated with non-strategic international presence of the bank".

He did not specify how large a capital increase BES would need. He added that a process to increase the bank's capital will start immediately so that it could rebuild its capital ratios to the minimum required by regulators, and create a capital buffer. (Reporting By Andrei Khalip; Editing by Laura Noonan)

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