Swiss-based Banque Privee Espirito Santo (BPES), a major stakeholder of Banco Espirito Santo (BES), has agreed to sell part of its Swiss private banking business to Compagnie Bancaire Helvetique (CBH).
As part of the deal, CBH Compagnie Bancaire Helvétique (CBH) will acquire the Iberian and Latin American customer assets of Banque Privee Espirito Santo’s private wealth management business.
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The sale of BPES follows a financial crisis at its parent companies.
BPES chief Jose Manuel Espirito Santo said the deal will provide an excellent solution to defend the interests of our customers and staff.
Philippe Cordonier, head of CBH, said that the acquisition will expand its geographical presence and marks as a significant step in the development of the bank.
According to Bloomberg, Portuguese authorities have opened several investigations into possible criminal offences related to BES and its entities.
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By GlobalDataRecently, the Luxembourg’s district court has placed Espirito Santo International (ESI) under controlled management after they were unable to meet debt obligations.
Financial terms of the deal have not yet been disclosed.
As of 30 December 2013, BPES had CHF5.6 billion (US$6.2 billion) of client assets.
Stephane Haefliger, a spokesman for BPES, said: "We are impacted indirectly by the difficulties facing the group."
