The Financial Conduct Authority (FCA) of UK has fined the London-based investment banking unit of Portugal’s Banco Espírito Santo (BES) for breaching listing rules.
The fine could reportedly cost the failed lender several hundred thousand pounds, The Wall Street Journal reported.
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The UK watchdog had earlier suspended the London investment bank’s sponsor status on December 9, according to a regulatory notice published on the FCA website.
The London unit offers clients equities-trading services in European and Latin American stocks from offices in Lisbon, Sao Paulo and London, along with a fixed-income and investment-banking advisory business.
The latest move comes only a month after China’s brokerage firm Haitong Securities agreed to buy the unit for 379m ($465m) from Novo Banco, the good bank that was created out of the collapsed Portuguese bank.
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