Banco Espírito Santo, commonly referred to as BES, was established in 1869 and grew to become one of Portugal’s leading private banking institutions. Over its history, the bank served a diverse client base that included individual retail customers, small and medium-sized enterprises, large corporates and institutional investors.
BES provided a wide array of financial products and services encompassing commercial and corporate banking, investment banking, asset management and insurance. Its offerings ranged from deposit and lending solutions to trade finance, wealth management strategies and risk-mitigation instruments.
Headquartered in Lisbon, the bank maintained an extensive branch network throughout Portugal and established an international footprint in key markets such as Spain, France, Brazil, Angola and Mozambique. This geographic diversification enabled BES to support both domestic clients and multinational corporations operating across Europe, Africa and the Americas.
For much of its modern history, BES was led by longtime chairman Ricardo Salgado. In 2014, the institution faced a liquidity crisis that prompted intervention by the Bank of Portugal. As part of the resolution process, the bank’s performing assets and deposits were transferred to a newly created entity, Novo Banco, while legacy assets entered a run-off vehicle to preserve financial stability.
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