Banco Espírito Santo [SEP] dissolved or abolished
Banco Espírito Santo
Banco Espírito Santo (BES) was a Portuguese bank based in Lisbon that on 4 August 2014 was split in two banks: Novo Banco, which kept its healthy operations, and a "bad bank" to keep its toxic assets.
It once was the second-largest listed Portuguese bank and the ninth-largest contributor to the PSI-20 index. BES was the second-largest private financial institution in Portugal in terms of net assets (€80,700 million in March 2011), with an average market
e Silva, these firms were dissolved and his heirs founded the Casa Bancária Espírito Santo Silva & Cª, which was transformed into a public limited-liability company in 1920 under the name Banco Espírito Santo with the bank, in this decade, managing to consolidate its position within the context of national banking by opening agencies and using a renewed management model.
In 1937, the bank strengthened its position in commercial banking through a merger with Banco Comercial de Lisboa to form Banco Espírito Santo e Comercial de Lisboa (BESCL),