July 21, 2014 / 6:36 PM / in 4 years

European Commission sees no contagion risk stemming from BES woes

RIO DE JANEIRO, July 21 (Reuters) - The crisis afflicting Portugal’s Banco Espírito Santo SA is unlikely to have an impact on the European banking system as a whole, Jose Manuel Durão Barroso, president of the European Commission, said on Monday.

“There’s not a single concern in that sense,” Barroso told reporters on the sidelines of a conference in Rio de Janeiro, when asked about the woes at Portugal’s biggest listed bank.

BES, as the bank is commonly known, is under scrutiny following disclosures of financial irregularities at investment holding company Espírito Santo International, which indirectly owns 49 percent of another firm that has a stake in BES. Espírito Santo International filed for creditor protection in Luxembourg on Friday. (Reporting by Rodrigo Viga Gaier; Writing by Guillermo Parra-Bernal; Editing by Chizu Nomiyama)

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