For sale: One Portuguese bank—some solvency issues, fixer-upper opportunity

August 1, 2014

lpress:

this is a test

Originally posted on Quartz:

A piece of Banco Espírito Santo, Portugal’s largest listed bank, can be yours for the low, low price of just 20 euro cents per share (or best offer). That’s 80% off the price at the start of the year.

Price drop!

Banco-Espirito-Santo-share-price-price_chartbuilder

no-caption

New and improved!

Now under new management, the bank is putting past unpleasantness behind it. Yes, it just reported a €3.6 billion ($4.8 billion) loss in the first half of the year, the largest in Portuguese corporate history. Yes, the loss destroyed the bank’s capital buffer, “jeopardizing the compliance with the minimum solvency ratios,” according to the central bank. Yes, there are problems at the bank’s Angolan unit and possible fraud by former managers, including unvetted letters of credit kept away from the bank’s normal accounting system and only recently discovered by the new regime.

But a new supervisory committee comprised of PricewaterhouseCoopers professionals is now keeping a…

View original 201 more words

Hello world!

January 5, 2006

Welcome to WordPress.com. This is your first post. Edit or delete it and start blogging!


Follow

Get every new post delivered to your Inbox.