Apresentação Do Powerpoint

Banca e Seguros

BES Special Report/ Resumo Especial BES

Special Report

Banco Espírito Santo / Novo Banco Special Report

Last Update | Última Actualização: 23/12/2014

BES Special Report/ Resumo Especial BES

Timeline of Events / Cronologia de Eventos:

2011

• OCT 24: Banco Espírito Santo “doesn’t pretend to use the special recapitalization fund (€12 billion) of the state", Ricardo Salgado said. (Source: Expresso)

2013

• JUL 26: BES reports worse than expected losses for the 1st half of the year and says it’s considering buying Swiss bank BSI.

• NOV 21: BES is first Portuguese bank to issue subordinated debt in four years. The 750 million euros sale is billed as sign of confidence in Portugal's recovery.

• DEC 12: Wall Street Journal reports that Espírito Santo International (ESI), sold more than 6 billion euros of debt to one of its own investment funds in a 21 month period from 2011. Newspaper also says that Espírito Santo Financial Group 2012 accounts value its stake in BES at more than four times its 365 million euros market value.

• END 2013: Angola government gives a guarantee for 4.2 billion euros of lending (or 70 percent of the total loan book) of BES Angola after the Bank of Portugal became concerned about the exposures. Development is not made public.

2014

• EARLY 2014: Bank of Portugal hires auditors KPMG to carry out "a special purpose limited review" into ESI's third quarter and full year results for 2013. The development is not publicised.

• FEB 13: BES posts slightly higher than expected 2013 loss and says it will not rule out raising cash.

• MAY 15: BES announces 1.045 billion euros capital raise by offering cheap stock to existing shareholders. ESFG and Credit Agricole announce that they are dissolving BESPAR, a holding company that owned their joint 47 percent stake in BES. ESFG is left with 27.36 percent and Credit Agricole with 20.12 percent.

• MAY 21: BES tells investors that independent auditors found "irregularities" at ESI that left the company in a "serious financial situation". Bank warns it is facing "reputational risk" over selling ESI bonds to customers. Shares fall sharply.

BES Special Report/ Resumo Especial BES

Timeline of Events / Cronologia de Eventos:

2014 (continuation)

• MAY 22: BES CEO, Ricardo Espírito Santo Salgado, tells Portuguese newspaper that the bank knew nothing of ESI's troubles.

• MAY 27: ESFG and Credit Agricole say their stakes in BES will fall after the capital raise because they will not take up all the cheap shares they have been allocated. ESFG's stake will reduce to 25 percent and Credit Agricole's to 15 percent.

• MAY 29: ESFG reveals further details of ESI's special audit findings, including that ESI had omitted debts from its accounts, overvalued assets and maintained inadequate records. It describes ESI as having an "extremely negative financial situation" and says the company will improve corporate governance and reorganize.

• JUN 11: BES completes 1.045 billion euros capital raise. CEO Salgado tells Reuters his family has lost control of the bank.

• MID JUN: Portuguese media reveal problems at BES's Angolan subsidiary.

• JUN 19: Espírito Santo family members, including BES CEO Salgado, agree to give up their leadership of the bank and step down from its board after a meeting with the Bank of Portugal.

• JUN 20: Salgado's departure is announced, ESFG says it will propose BES's current chief financial officer, Amilcar Morais Pires, as Salgado's successor.

• JUN 27: Reuters reveals that Luxembourg's justice authorities have launched a probe into the Espírito Santos' family holding companies. ESFG shares fall 18.5 percent, BES's 11 percent. Portugal's finance minister says situation at the bank is no threat to financial stability.

• JUN 30: BES holds conference call to try to reassure investors on situation with family companies and Angola. More than 800 dial in but the call, which lasts just eight minutes, triggers a sharp sale in the stock. On it, BES revealed it had about 1 billion euros of exposure to Rioforte and ESI and gave details of the Angolan state guarantee to BES Angolan subsidiary.

• JUL 1: Capital Market Regulators impose short-selling ban on BES in bid to arrest BES's share price slide. Shares fall 13 percent and then recover. Short selling in ESFG also suspended.

• JUL 3: ESFG reveals a billion euros rise in its exposure to Grupo Espírito Santo over the first six months of the year. ESFG now has an exposure of 2.35 billion euros. It rose because ESFG stepped in to ensure repayment of GES bonds sold to BES clients. ESFG also says it has 823 million euros in borrowings from BES and 830 million euros of unsecured external borrowings.

BES Special Report/ Resumo Especial BES

Timeline of Events / Cronologia de Eventos: 2014 (continuation)

• JUL 5: ESFG says it will now propose a respected economist, Vitor Bento, as BES's next CEO and another outsider, João Moreira Rato, as chief financial officer.

• JUL 9: Swiss-based Banque Privee Espírito Santo, owned by the wider Espírito Santo Group, admits that ESI missed repayment dates on some debt sold to its clients. Sources say ESI is considering ways to restructure its debt

• JUL 10: ESFG asks for its shares and bonds to be suspended, so it can assess the financial impact of its exposure to its largest shareholder ESI, which ESFG describes as having "material difficulties". BES shares suspended after falling as much as 19 percent in morning trading.

• JUL 10: BES issues statement insisting it can withstand any losses on lending to the Espírito Santo companies and has 2.1 billion euros in excess capital. Also gives detailed breakdown of 1.15 billion euros of lending to the family companies, but bank admits it cannot predict how much it will lose on the loans until the group presents a restructuring plan.

• JUL 11: Moody’s cuts BES’s rating in three notches to B3, citing creditworthiness concerns. The bank shares resume trading and fall 5.5 percent to lowest in almost two years. Portugal's prime minister joins the chorus trying to soothe investors

• JUL 13: Bank of Portugal tells BES not to wait for July 31 shareholders meeting to install new management.

• JUL 14: In a move to calm investors, and pushed by Bank of Portugal, BES speeds up management changes with immediate effect. Vitor Bento is now the CEO and Joao Moreira Rato the chief financial officer. Meanwhile, ESFG announces that it has sold 4.99 percent of BES to repay funds.

• JUL 17: S&P cuts BES rating to B-, and warns on solvency risks. Moody’s cuts ESFG to Ca, citing default fears.

• JUL 18: Portugal’s central bank moved to calm fears about lender, saying it has enough capital buffer to protect itself from its troubled parent even in a worst-case scenario. BES will probably raise private funds to boost capital, Bank of Portugal Governor Carlos Costa said in Parliament, as talks with investment banks and investors show interest in the lender. Espírito Santo International applied for creditor protection.

• JUL 22: BES postpones presentation of its earnings for the first half of the year until next Wednesday 30 July. Rioforte Investments applied for creditor protection.

BES Special Report/ Resumo Especial BES

Timeline of Events / Cronologia de Eventos: 2014 (continuation)

• JUL 23: BES “appointed Deutsche Bank as financial adviser to assess the potential optimization of bank’s balance sheet structure. Espírito Santo Family Sells Swiss Bank (Banque Privee Espírito Santo) Assets to CBH Cie. Bancaire Helvetique SA. Rioforte investments failed to repay 847 million euros in short-term debt to Portugal Telecom.

• JUL 24: Ricardo Salgado, former chief of Banco Espírito Santo, was detained by law officials and brought before a judge. Salgado is being investigated for alleged fraud, money-laundering and falsification of documents. He was released, on the same day, on bail of 3 millions euros. Espírito Santo Financial Group applied for creditor protection.

• JUL 25: The Bank of Portugal and the country’s securities markets authority, the CMVM, are to join forces to audit the activities of BES and another company in the group, according to a confidential document submitted by the CMVM, whose president testified to parliament.

• JUL 29: BES shares slide ten percent after reports of a first-half big loss, that could wipe out the capital buffer while Bank of Portugal affirms that BES SA would be able to raise new capital through private investors if it is forced to take a bigger hit on its exposure to ESI. Rioforte, on the other hand, sees its creditor protection claim to Luxembourg’s Commercial Court accepted.

• JUL 30: At July 30th, Banco Espírito Santo revealed its results for the first half of 2014, which will remain in history in the Portuguese banking sector, reporting a huge loss of 3577.3 Million Euro. These results can be explained by the staggering amount of provisions made by the bank to face the impairities of several other companies detained by Grupo Espírito Santo.

• AUG 1: Espírito Santo Financière (Esfil) applied for creditor protection.

• AUG 3: Bank of Portugal unveils a plan to save BES that consists of pumping 4.9 billion euro into the troubled bank and spliting it into two entities, a “good bank”, called Banco Novo, to house its healthy assets and a “bad bank” for its riskier assets. This bailout was regarded as na isolated case since Portugal’s bonds yielded gains while the Stock exchange regulator (CMVM) suspends 50 BES related stocks and BES shareholders blame the Bank of Portugal for misleading information.

• AUG 5: BES declared that its stake in BES Angola will be placed in the newly formed "bad bank" while its stocks are scheduled to be removed from the portuguese index PSI-20 by August 11. Meanwhile, Crédit Agricole writes off 950 Million Euro investment in BES and with it, wipes out nearly all of its second quarter profits.

BES Special Report/ Resumo Especial BES

Timeline of Events / Cronologia de Eventos: 2014 (continuation)

• AUG 6: Given the turmoil and recent revelation of a 847 million euro loan of PT to one of BES’s affiliates Rioforte, and its impact on the already announced merger between PT and brazillian telecommunications company Oi, Zainal Bava will be stepping down as chairman of PT and he will focus helping Oi and Portugal Telecom work together more effectively.

• AUG 7: On the sidelines of all the turmoil, Portugal Telecom sais neither the Board of Directors nor the Executive Committee approved the commercial paper issued by Rio Forte Investments S.A. (a Espirito Sato Group – GES company) and that the board had asked the consulting company PWC to analyse the procedures and actions regarding this investment.

• AUG 8: European Central Bank President Mario Draghi announced that the crisis surrounding Banco Espirito Santo was contained swiftly by Portuguese authorities and it was prevented from being a “systemic incident” as it was only “restricted to this bank and to the owners of this bank”. Back in Portugal, the finance minister said that if the “good bank” Novo Banco is sold by less than the state loan, the remaining Portuguese banks will have to bear the loss.

• AUG 9 and 10: Xinhua news agency reports protests against the 4.9 billion euro bailout program of the Banco Espirito Santo by the Portuguese Government in Lisbon and Porto.

• AUG 11: The website of a Portuguese law firm reveals that in the minutes of an extraordinary meeting of the Bank of Portugal (BdP) on 3 August, the day of BES dissolution into a “bad bank” and a “good bank” renamed Novo Banco, the European Central Bank called Espirito Santo to pay their 10 billion euro loan in 3 days.

• AUG 12: The newly formed bank Novo Banco (the healthy part of the now inexistent Banco Espirito Santo) is to take provisions for the 3 billion euro credit line for an angolan subsidiary of the former BES, named BES Angola, according to the Bank of Portugal. BES's downfall and its effects are still very present and the troubles of PT (Portugal Telecom) for the 900 million loan to one of its subsidiaries Rioforte has prompted a response from investors. The Portuguese association of capital market investors and analysts (ATM) is going to start a class action law suit against the boards of directors of Portugal Telecom (PT) since 2001.

• AUG 13: Novo Banco is awaiting clarification from supervisors before deciding it should reimburse former BES clients of their deposits, meanwhile the 3 billion euro provisions assumed by the bank must be paid by BES Angola, according to the Bank of Portugal. The new bank has been classified in Moody's ratings as "junk". Mario Draghi, ECB President, has stated that Portugal will ride out the BES crisis without a major impact on its economy, showing the behaviour of the countries bond yields as proof.

BES Special Report/ Resumo Especial BES

Timeline of Events / Cronologia de Eventos: 2014 (continuation)

• AUG 14: Germany's Central Bank President, Jens Weidmann has stated that the collapse of Portugal’s second largest bank, Banco Espírito Santo (BES), proved that the eurozone was able to “quickly handle this kind of problem, forcing investors to shoulder their responsibilities".

• AUG 21: Junior bondholders of Portugal’s Banco Espirito Santo have selected law firm Shearman & Sterling to represent them in a challenge to the terms of the bank’s rescue and will open discussions with the Bank of Portugal.

• AUG 25: The corporate empire of Portugal’s Espirito Santo family issued 5 billion euros ($6.6 billion) of new debt in the first six months of 2014, according to people familiar with the matter, just as the clan’s businesses were nearing bankruptcy, according to an article by Reuters.

• AUG 26: In a communiqué sent to the CMVM, PT said that “regarding the criteria of investment in diversified financial institutions with market reputation, it must be mentioned that given the concentration of deposits and treasury applications in BES/GES, as at 31 December 2013 the company was not following an effective diversification”.

• AUG 27: The governor of the Bank of Portugal (BdP) has asked the board of directors of Novo Banco to come up with a “sustainable” plan to develop the company, according to a communiqué issued by the new bank.

• AUG 28: A group of German creditors is attempting to block the planned sale of a Portuguese insurance company in a move that could disrupt the disposal of assets belonging to the collapsed Espírito Santo business empire according to the Financial Times. Meanwhile, bondholders of a Espirito Santo Group company are questioning the attempted sale of Tranquilidade by the lender that emerged from the collapse.

• AUG 29: The state put up the advance of €635 million to ensure the initial capitalisation process of Novo Banco, the ‘good’ bank to emerge out of the collapsed BES group, according to a statement from the Portuguese Banking Association. US firm Apollo is going to invest some €200 million to take over Portuguese insurance company Tranquilidade, a sum that includes a €140 million capital injection, a source told Lusa.

• SEP 1: Auditing company KPMG has refused to issue an opinion on the accounts of troubled Portuguese bank Banco Espirito Santo (BES) as it was split into a good and a bad bank, it is not possible to quantify the impacts of the problems at BES Angola and the bank’s board did not confirm some information about the financial statements.

• SEP 4: The Swiss securities supervisor (FINMA) said on Wednesday that Banque Privée Espírito Santo was being investigated to “discover the role of Swiss company Banque Privée Espírito Santo in selling securities and financial products belonging to Grupo Espírito Santo (GES)”.

BES Special Report/ Resumo Especial BES

Timeline of Events / Cronologia de Eventos: 2014 (continuation)

• SEP 5: Failed Portuguese bank Banco Espírito Santo plans to shutter its Hong Kong operation with the loss of roughly a dozen employees, severing a main tie to the Asian market.

• SEP 11: A series of ESFG bondholders filed a class action law suit against the sale of former GES’s insurance branch Tranquilidade, meanwhile Portuguese healthcare company Jose de Mello Saude has started a takeover battle with Mexico’s Grupo Angeles for the indebted Espirito Santo family’s hospitals business, Espirito Santo Saúde. Also on this day, Portuguese Prime Minister Pedro Passos Coelho and Bank of Portugal Governor Carlos Costa denied allegations that they suggested former Banco Espirito Santo (BES) chief Ricardo Salgado to step down.

• SEP 13: Novo Banco SA Chief Executive Officer Vitor Bento and two board members plan to resign, saying their mandate “significantly changed” since they were appointed two months ago.

• SEP 14: According to a statement by the Bank of Portugal, Eduardo Stock da Cunha, a Portuguese banker currently working for Lloyds Banking Group, has been named as the new chief executive of Novo Banco, the “good” bank created from the healthy assets of Banco Espírito Santo.

• SEP 15: Prime Minister Pedro Passos Coelho announced that Portugal wants to sell Novo Banco – the successor to troubled Banco Espirito Santo after a state rescue last month – quickly because risks grow with time, a vision shared by EU Regulators.

• SEP 16: Shares in Portuguese bank BPI led market rises on Tuesday, climbing over 4%, while Banco Comercial Portugues (BCP) were down 3.8%, with BPI benefiting from the expectation that it may buy Novo Banco.

• SEP 17: The budget and finance committee of Portugal’s parliament approved a motion to summon the finance minister, Maria Luís Albuquerque, and the governor of the Bank of Portugal, Carlos Costa, to testify on the recent resignation of the board of Novo Banco, successor to collapsed bank Banco Espírito Santo (BES). On the same day, BES faced U.S. regulatory scrutiny over a subsidiary’s transactions with an affiliated Panamanian lender.

• SEP 18: The fallout from the collapse of the Espirito Santo empire spread to the Middle East as regulators froze deposits at a private bank in Dubai.

Sources / Fontes: Reuters / Lusa / Bloomberg / WSJ / FT / Expresso

BES Special Report/ Resumo Especial BES

Timeline of Events / Cronologia de Eventos: 2014 (continuation)

• SEP 19: Switzerland’s financial regulator, FINMA, said on Friday it had initiated bankruptcy proceedings against Banque Priveé Espirito Santo SA (BPES), part of the Portuguese Espirito Santo family’s troubled business empire. On the same day, ESFG has threatened a lawsuit if the successor of collapsed Banco Espirito Santo does not hand over the proceeds of the proposed sale of the group’s Portuguese insurer Tranquilidade.

• SEP 23: Chinese-controlled Fidelidade announce its takeover bid for ES Saúde, with the proposed price of 4.72 euro per share. This offer surpasses the bids by the other two parties interested in acquiring the company, Angeles Group (4.5 euro per share) and Mello Group (4.4 euro per share).

• SEP 29: Espírito Santo Group informed that it sold its subsidiary Espírito Santo Viagens (ES Viagens) to Springwater, a Swiss company. The transaction amount remained undisclosed.

• OCT 10: Insurance company Fidelidade bought ES Saúde for €5.01 a share.

• OCT 17: Rioforte, the main holding of Espírito Santo’s family, was denied controlled management by a Luxembourg court., which means that that the company will go into liquidation. Furthermore,the Portuguese government committed amongst the European Comissionnot not to inject any more funds into both Novo Banco) BES bad bank, both sucessors of the original BES. The commitement also states that Novo Banco will not supply the bad bank with funds, with the exception of liquidity necessary to wind down operational costs and activities.

• OCT 21: The Angolan Central Bank ordered Banco Espírito Santo Angola (BESA) to carry out a €2.8 billion capital increase, in which part of the €55 million loan owned by Novo Banco is to be converted to shares. Novo Banco will then keep a 9.9% of the Angolan bank.

• NOV 3: A class action suit, whose plaintiffs are a group of 120 BES investors, has been filled requesting the annulment of the division of BES into Novo Banco and BES’ bad bank. The plaintiffs demand Novo Banco’s assets to be transferred back to BES (currently the bad bank).

• NOV 17: A parliamentary inquiry commission with the objective of investigating whether the collapse of BES and GES (Grupo Espírito Santo) was due to failures in management, regulation or auditing has started. The commission will hear a total of 130 people. The inquiry’s findings are expected to be presented in 120 days. The Portuguese Central Bank’s governor, Carlos Costa, was the first person to speak at the commission and said that he had no power of law to remove the BES management team, led by Ricardo Salgado, any earlier than he did.

Sources / Fontes: Reuters / Lusa / Bloomberg / WSJ / FT / Expresso

BES Special Report/ Resumo Especial BES

Timeline of Events / Cronologia de Eventos: 2014 (continuation)

• NOV 18: The head of Portugal's securities market watchdog CMVM, Carlos Tavares, said in the parliamentary inquiry commission that the Swiss firm Eurofin was a central go-between in a complex scheme involving BES’ bonds via offshore companies to cover liabilities of the group, as its empire crumbled during the fist half of 2014. Carlos Tavares added that market manipulation and financial fraud should be punished more heavily.

• DEC 3: The president of BES’ external auditor, KPMG Portugal, told the inquiry commission that the collapse of the bank happened in spite of the auditor’s efforts, and that there had been intense cooperation between KPMG, Banco de Portugal and the stock market regulatory authority (CMVM).

• DEC 4: Banco de Portugal announced that about half of Novo Banco’s recapitalization (2.75 million euros of the 4.9 million euros’ recapitalization) was due to impairments regarding BES Angola.

• DEC 8: Espírito Santo Investment Bank (BESI) was sold to the Chinese group Haitong for €379 million.

• DEC 9: Former BES CEO, Ricardo Salgado, spoke at the inquiry commission, where he claimed that the collapse of the bank was caused by the excessive demands by Banco de Portugal regarding constituting provisions in a short space of time.

• DEC 15: A group of investors that lost hundreds of millions of euros with the collapse of BES filled a lawsuit against the European Commission's approval of the bailout of the bank.

• DEC 22: The Portuguese competition authority released a statement saying it did not oppose the acquisition of Espírito Santo Saúde by Fidelidade.

BES Special Report/ Resumo Especial BES Portuguese Financial Sector Overview

Portugal top 5 banks by assets / 5 Maiores Bancos em Portugal por ativos

Market Indicators Key Indicators Indicadores de Principais Indicadores Banks Mercado Bancos Ratings # Assets Equity CT 1* Profits ROE Moody's S&P Fitch (Annual)

1 CGD 100.2 7.2 10.7% 0.129 3.6% Ba3 BB- BB+

2 BES 93.4 4.2 5.0% -3.577 -170% B3 B- -

3 BCP 80.4 4.4 9.0% -0.062 -1.5% B1 B+ BB+

4 Santander Totta 42.6 3.1 14.7% 0.08 5.2% Ba1 BB BBB-

5 BPI 41.3 2.6 8.6% -0.106 -5.1% Ba3 BB- BB+

Billions of EUR / * Core Tier 1 Fully implemented Source / Fonte: Banks Reports (as of 30-07-2014)

Contingent Capital (CoCo’s) subscribed by Portuguese state / Capital Contingente (CoCo’s) subscrito pelo estado Português

Coco's Subscribed by Portuguese State (June 2012) CoCo's (as of October 2014)

1.7 1.5 1.2 0.9

0 0 0 0 0

1 2 3 4 5

Billions of EUR Source / Fonte: Banks 2Q 2014 Results and September October bank statements

BES Special Report/ Resumo Especial BES

BES Current Shareholder Structure / Estrutura acionista atual do BES

Source / Fonte: BES website on 14-7-2014 BES Profits / Lucros do BES

465.6 522.1 556.9 327.5 402.3 96.1 40% 20% 0% -237.9 -108.8 -517.6 -20% -40% -60% -80% -3480 -100% 2006 2007 2008 2009 2010 2011 2012 2013 1H2013 1H2014 Profit/Lucros ROE Millions of EUR Source / Fonte: BES website on 04-8-2014 BES shares performance / Performance das acções

BES Special Report/ Resumo Especial BES New Board of Directors for Novo Banco After a statement by the former board of directors for their resignation, Bank of Portugal appointed antoher new management for the recently established Novo Banco.

Eduardo Stock da Cunha Jorge Freire Cardoso Vítor Fernandes | José João Guilherme CEO CFO Former CEO of Former CEO of BIM Former Auditing and Risk Former Executive Board Mundial (Banco Internacional Dir. at Lloyds Bank Member at CGD Confiança de Moçambique) Former Board of Directors of Novo Banco After a Central Bank push for a change in management, Novo Banco, changed management

Vítor Bento - CEO José Honório - VP João Moreira Rato - CFO

Board of Directors of Banco Espírito Santo

Ricardo Salgado - CEO José Maria Ricciardi - VP Amílcar Morais Pires - CFO

BES Special Report/ Resumo Especial BES Relevant Documents / Documentos Relevantes: Latest Documents:

BES informs about BES informs on exposures BES, 1 H 2014 Results cooptation of members of to Espírito Santo Group the Board of Directors Wednesday, 30 July 2014 Tuesday, 15 July 2014 Friday, 11 July 2014

Espírito Santo Fallout Risk BES First Quarter 2014 Results Remains But Contained For BES Group Presentation Now, Fitch Ratings Thursday, 22 May 2014 Monday, 14 July 2014 Monday, 30 June 2014

BES Group Institutional Presentation:

BES Special Report/ Resumo Especial BES Latest News / Últimas Noticias

22-12-2014 Concorrência não se opõe à compra da Espírito Santo Saúde pela Fidelidade

19-12-2014 BESA missing €3Bn ‘never left Portugal’ – Sobrinho

15-12-2014 Investors file lawsuit against BES’ bailout

09-11-2014 BES collapse could have been avoided, former chief says Bank of Portugal caused BES collapse – Salgado Salgado speaks to parliamentary inquiry 08-12-2014 Novo Banco agrees on sale of BESI to Haitong for 379 mln euros

04-12-2014 BES Angola liable for more than half Novo Banco capital

03-12-2014 BES implosion not about the auditors

28-11-2014 BES collapse down to management not supervision

27-11-2014 BES head hearings rescheduled

21-11-2014 Parliamentary inquiry to call in BES ex-chief, current BESI chief

20-11-2014 BES split was ‘best option’ for tax payers – Finance minister

18-11-2014 Portugal regulator sheds light on BES debt scheme, Swiss go-between

17-11-2014 Central Bank governor opens BES inquiry BES inquiry gets under way 21-10-2014 Novo Banco of Portugal has 9.9 pct of BESA

17-10-2014 Espirito Santo family's Rioforte to be liquidated BES inquiry gets under way

BES Special Report/ Resumo Especial BES Latest News/ Últimas Noticias

26-09-2014 Novo Banco to convert BES senior debt held by clients in deposits

23-09-2014 ECB stipulated changes outed BES problems Chinese-controlled Fidelidade announce its takeover bid for ES Saúde Mexican group Angeles raises offer price for Portugal’s ES Saude

19-09-2014 ESFG threatens lawsuit if Novo Banco doesn’t pay out on insurer sale Espirito Santo’s Swiss Demise May Ensnare Depositors Bankruptcy Proceedings Opened Against Swiss Espírito Santo Unit Swiss begin bankruptcy proceedings against Espirito Santo private bank

18-09-2014 Dubai regulator places restrictions on Espírito Santo unit Dubai Regulator Restricts Local Unit of Portugal’s Espírito Santo Group Dubai Regulator Curbs Activities of Espirito Santo Bankers 17-09-2014 Finance minister, bank governor called to testify on latest BES crisis Espirito Santo’s Miami Unit Probed Over Wealth Sales U.S. Regulators Probe Florida Unit of Banco Espírito Santo 16-09-2014 BPI shares rise on Novo Banco purchase rumours

15-09-2014 Novo Banco poaches Lloyds banker for top role Novo Banco Chief, Board Members to Quit Amid Sale Plan Bank of Portugal picks new CEO for BES successor Novo Banco Lloyds Executive Named to Run Portugal's Novo Banco Bank of Portugal appoints new chairman for Novo Banco Novo Banco 'not on sale tomorrow' - Prime minister Portugal PM says Novo Banco sale has to be quick as risks grow EU regulators expect Novo Banco sale to proceed as agreed 12-09-2014 Banco Espirito Santo: Family Fortunes Banco Espírito Santo secretly lent funds to controlling shareholder 11-09-2014 PM, central bank deny plot to overthrow BES Class action against Tranquilidade sale Espirito Santo Saude Shares Rise Above Jose de Mello Offer Price Jose de Mello Saude in bid battle for Espirito Santo health business Portuguese authorities deny pushing former BES chief to step down 10-09-2014 Europe’s bank bail-in rules change game

05-09-2014 Banco Espírito Santo Shuttering Hong Kong Office

04-09-2014 BES Swiss affiliate ‘took all measures to safeguard clients’

01-09-2014 KPMG refuses to sign off BES accounts

BES Special Report/ Resumo Especial BES Latest News/ Últimas Noticias 28-08-2014 German creditors challenge sale of BES insurance arm

27-08-2014 Novo Banco to find new shareholders – Bank of Portugal

26-08-2014 Espírito Santo Saúde profits climb to €8.7 million

25-08-2014 GES insurer takeover for capital injection and €50M

21-08-2014 BES junior bondholders pick law firm over bank split 14-08-2014 BES solution proves Eurozone agility – Bundesbank president

13-08-2014 Behind the Collapse of Portugal's Espírito Santo Empire Espirito Santo Rescue Playbook Staves Off Summer of Worry Novo Banco 'awaits clarification' from supervisor on ES group debt BES successor Novo Banco gains access to regular euro-zone liquidty Moody’s rates Portugal’s Novo Banco “Junk” Credit granted by BES to BES Angola must be paid – Bank of Portugal 12-08-2014 Investor association in class action against PT boards Novo Banco to take full provision for BES's 3bln eur Angolan loans-Bank of Portugal 11-08-2014 Portuguese protest against BES bank bailout plan Espirito Santo Offer Documents Said Reviewed by Regulator 08-08-2014 Banks to bear loss if BES 'good bank' sold for less than state loan Banco Espirito Santo Episode Was Contained Swiftly, Draghi Says Portuguese banking system faced systematic risk : central bank chief BES events and reactions 07-08-2014 Portugal minister: growth to lure investors back after BES damage Espirito Santo Shows EU’s Need for Speed Under New Banking Rules

BES Special Report/ Resumo Especial BES Latest News/ Últimas Noticias 06-08-2014 Zeinal Bava Leaving Portugal Telecom Chairman Post Espirito Santo Bailout Wipes Out Brazil Unit Bond Losses

05-08-2014 BES Angola situated in assets of ‘bad bank’ Banco Espírito Santo Crédit Agricole Takes $950 Million Charge on Portuguese Bank Portugal watchdog investigates alleged insider trading in BES BES stock to be removed from Portugal index –Euronext Portugal bank collapse and rescue raises questions

04-08-2014 Portugal’s Bonds Lead Gains as BES Bailout Seen as Isolated Case BES shareholders blame BdP for misleading info Stock exchange regulator suspends 50 BES related bonds Novo Banco - ex-BES - opens calmly Portugal puts up $6.6 BN to save ailing bank Portugal to bail out bank in 4.9-bln-euro rescue plan Bank of Portugal Unveils Plan to Rescue Banco Espírito Santo Portugal in $6.6 billion rescue of Banco Espirito Santo Banco Espírito Santo to Be Split Up in Rescue by Portugal Treasuries Fall After Portugal Rescues Banco Espirito Santo 31-07-2014 Half BES share worth wiped out in 20 minutes Bank scandal tarnishes powerful Portuguese family Portugal's Banco Espírito Santo Reports Record Loss Trading in BES suspended until 0900 GMT after $4.8 bln loss BES seeks capital as key staff suspended after massive losses Banco Espírito Santo Posts $4.8 Billion Loss Espírito Santo to Raise Capital After 3.6 Billion-Euro Loss Espírito Santo Plans Capital Increase, Considers Asset Sales Staggering €3.58 billion loss at BES in six months BES, JM - no short-selling Thursday Rioforte offices searched in tax evasion case

BES Special Report/ Resumo Especial BES