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Bank of Portugal sees Angolan uncertainty over soon for BES
July 18, 2014 / 12:03 PM / 3 years ago

Bank of Portugal sees Angolan uncertainty over soon for BES

LISBON, July 18 (Reuters) - A guarantee by Angolan authorities for the troubled loan book of the local unit of Portugal’s Banco Espirito Santo (BES) eliminates a major factor of uncertainty for BES, Bank of Portugal Governor Carlos Costa said on Friday.

“The National Bank of Angola has managed to guarantee the solvency of the institution and protected the interests of its creditors. BES is one of the creditors and this is favourable to eliminating one uncertainty, as we expect will be confirmed,” Costa told a parliament committee.

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.

Doubts about the Angolan buiness have also unnerved investors after authorities in Angola had to guarantee 4.2 billion euros or nearly 70 percent of BES Angola’s loan book. (Reporting By Andrei Khalip, editing by William Hardy)

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