Monday, July 14, 2014

The Bank of Portugal has ordered Banco Espirito Santo to replace management immediately in a move attempted at distancing the bank from the serious financial condition at Espirito Santo International - one of the bank's holding companies. Fears over Banco Espirito Santo's state last week sent tremors across the financial markets and led to the trading suspension of both Banco Espirito Santo and Espirito Santo Financial Group (OTCMKTS:OTC:ESFHF).