To: Steen Jakobsen (SJN)
Subject: Marque Portugese bank close to Chapt. 11... sending banks in europe down
the BES shares back to sink more than 11%, a trend that was accentuated after ESFG have decided to suspend trading in its shares due "because of the physical difficulties" being found "in its largest shareholder," the Holy Spirit international. BES has accumulated a fall of 27.5% in four days.
BES shares are down 11.38% to 54.5 cents, increasing to 27.5% fall in the last four days, which corresponds to an excess of EUR 1.1 billion loss in market capitalization . Since the beginning of the year, the securities the bank still led by Ricardo Salgado are sliding 42%. So far, more than 32.2 million shares of stock, compared with 28.2 million of securities that were traded daily on average in the last six months were traded.
The fall of BES was accentuated after the Espírito Santo Financial Group (ESFG) have decided to suspend trading of its shares and obligations "due to significant difficulties in its largest shareholder, the Holy Spirit International, and the exposure of the company ESFG ". Before proceeding with the suspension, the actions of ESFG came to lose more than 16% to 1.09 euros, which represents the lowest level ever.
The group's shares continue to be penalized by known financial problems in recent weeks. On Wednesday, Moody's cut the "rating" ESFG to eight levels below "junk. Assigned rating of Caa2 now is a few levels of" default ". Moody's sees "a worsening of the credit risk for ESFG profile as a result of increased exposure ESFG its indirect shareholders." The "fears about the credit quality of ESFG are amplified by the lack of transparency surrounding not only the financial situation of the Espírito Santo Group, but also the extent of intra-group including direct and indirect exposure ESFG the Holy Spirit International ". The Business progresses, the issue of Thursday, several customers of Banque Privée Espírito Santo, which have applications in the GES debt arrears, complained to the CMVM, which forwarded them to the Swiss supervisor.
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