Banco Espirito Santo (BES) has historically been controlled by the eponymous and historically influential Portuguese family through a leveraged and complex shareholding structure of holding companies. The company with direct ownership of BES (aka “the bank”) equity, the Espirito Financial Group (ESFG - Portugal) currently owns 20% (down from 27% a few months ago).1 However, stripping out minority shareholdings in the holding companies, the underlying economic ownership of the Espirito family in the…
‘The Father (of debt), the Son (of liabilities) and the Holy Spirit: O Pai (de divida), o Filho (de passivo) e do Espirito Santo’
16 Jul 2014
Posted by Barry Norris