July 31, 2014 / 7:20 AM / 3 years ago

Trading in BES suspended until 0900 GMT after $4.8 bln loss

LISBON, July 31 (Reuters) - Portugal’s securities market regulator CMVM suspended trading in shares of Banco Espirito Santo (BES) until 0900 GMT on Thursday after the bank booked a 3.6 billion euro ($4.8 billion) first-half loss and vowed to raise new cash to bolster finances.

It said it wanted to give investors more time to analyse the information provided by the bank on Wednesday night. Earlier, both Portugal’s CMVM and London’s FCA market watchdogs imposed a one-day short-selling ban on BES after its shares fell more than 10 percent on Wednesday before the results announcement.

The bank’s losses - which prompted it to say it would immediately begin a process to raise more capital - came as BES’s new management team sought to draw a line under a torrid few months, dominated by fears about the bank’s exposure to the troubled business empire of the Espirito Santo family. (1 US dollar = 0.7470 euro) (Reporting by Andrei Khalip; Editing by David Holmes)

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