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Portugal splits up its largest and oldest bank in emergency rescue plan
Portugal is to bailout its largest listed bank to the sum of 4.9 billion euros.
The rescue of Banco Espirito Santo or BES follows a weekend of talks between Portuguese and European Union officials and comes after it posted a record half-year loss of nearly 3.6 billion euros.
The upshot is the bank will be split into two: a so-called ‘good bank’ and a ‘bad bank.’
The Governor of the Bank of Portugal, Carlos Costa explained the plan:
“A new bank, named Novo Banco, has been born. The healt…
READ MORE : http://www.euronews.com/2014/08/04/portugal-splits-up-its-largest-and-oldest-bank-in-emergency-rescue-plan
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