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Canada Goose Outlet LONDON/LISBON, June 30 (Reuters) Shares in Banco Espirito Santo fell to an 11 month low on Monday after Portugal biggest listed bank failed to allay investor concern about Canada Goose Online the company dealings with its founding family and its troubled Angolan operations. Canada Goose Outlet
canada goose clearance sale Banco Espirito Santo (BES) shares have fallen more than 40 percent since a 1.045 billion euro ($1.43 billion) share sale on June 11, canada goose uk shop amid a crisis that saw Portugal only banking dynasty lose control of the bank and its patriarch agree to step down as chief executive. canada goose clearance sale
In canada goose coats an eight minute conference call led by the bank chief financial officer, Amilcar Morais Pires the leading candidate to become its next CEO BES provided new detail about issues it said had been investors view of the bank.
canada goose BES, which has been embroiled in controversy for selling bonds from a financially troubled company linked to its founding family to retail customers, canada goose coats on sale disclosed for the first time how a large proportion of the bonds have been redeemed since December. canada goose
canada goose deals The executives also said the bank had less than 1 billion euros ($1.4 billion) of its own exposure to companies in the wider Espirito Santo Group, and gave details of a guarantee underpinning its troubled operations in Angola. canada goose deals
canada goose coats Shares in the bank closed down 16.5 percent at 0.602 euros, below the subscription price of 0.65 euros for its capital increase. Their intraday fall accelerated canada goose factory sale after the comments by BES executives. canada goose coats
The declines were so sharp that Portugal CMVM market regulator announced late Monday it would ban naked Canada Goose Outlet short selling of shares in BES and Espirito Santo Financial Group (ESFG), a holding company of the Espirito Santo family, on July 1. ESFG shares fell 19 percent on Monday.
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canada goose black friday sale was a very short call and little new information, said Albino Oliveira, an analyst at Fincor brokers. guess the main thing causing the fall is that uncertainty will go on for another month until the general assembly that will decide on new leadership at BES. canada goose black friday sale
Canada Goose sale RELATED PARTIES Concerns about BES first came to light when a prospectus for its June capital raising referred to the reputational risks linked to selling retail Canada Goose online customers bonds canada goose uk black friday that were issued by an Espirito Santo company with financial problems. Canada Goose sale
canadian goose jacket The executives said BES retail cheap canada goose uk customers were now owed just 651 million euros from the bonds, down from 2.5 billion euros at the end of last year. canadian goose jacket
canada goose store After regulators raised concerns about buy canada goose jacket the bond sales, the bank vowed that no customers would lose any money on them. On May 30 Espirito Santo Group (ESG) said that canada goose store it would no longer sell debt through BES. canada goose store
BES executive canadian goose jacket Joaquim Goes said retail customers remaining exposure uk canada goose to founding Canada Goose sale family companies was split between two entities Espirito Santo International and Rioforte. The family owns about 25 percent of BES, making it the bank largest shareholder.
buy canada goose jacket The bank itself has no direct exposure to Espirito Santo International, but has a 200 million euro exposure to canada goose uk outlet Rioforte and its subsidiaries and 780 million euro exposure to ESFG, Goes said. buy canada goose jacket
canada goose coats on sale BES did not clarify the nature of its Rioforte and ESFG exposure and did not accept any canada goose black friday sale questions at the end of the call, which was co hosted by Goes and Pires. canada goose coats on sale
Canada Goose online On the wider group, Goes said: Espirito Santo Group is implementing a reorganisation and restructuring plan. uk canada goose outlet This plan includes the reinforcement of the capital structure as well as the sale of assets among other measures. Canada www.canadagoosesale.info Goose online
details. are expected to be disclosed by Espirito Santo Group within the next couple of days.
Canada Goose Jackets BES executives also used the call to clarify the situation of its Angolan operations, which were granted a sovereign guarantee in 2013 after it was https://www.canadagoosesale.info discovered that part of the loan portfolio did not have an canada goose clearance sale appropriate level of guarantees or collateral. Canada Goose Jackets
buy canada goose jacket cheap Goes said the unit, which buy canada goose jacket cheap counts BES as a 55 percent shareholder, had a guarantee covering about 70 percent of its 6 billion euro loan book, but that the guarantee only extended to specific loans. buy canada goose jacket cheap
cheap Canada Goose The remaining 30 percent of the loan book will be assessed by the European Central Bank cheap Canada Goose as part of its review of the canada goose euro zone 128 most important lenders, he added cheap Canada Goose.