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New Bosses Start at Struggling Portuguese Bank

13/07/2014

By Daniel Hunter

Portuguese bank, Banco Espirito Santo (BES), has appointed new top executives ahead of schedule in an attempt to turnaround the bank's fortunes.

The new executives were due to begin their roles at the end of July, but the Bank of Portugal ordered BES to accelerate the changes.

It comes after major concerns over the bank's financial strength caused stock markets to fall on Thursday.

Economist Victor Bento will be the BES new chief executive, and Joao Moreira Rato, who leaves his role as the head of Portugal's IGCP debt agency, is the new chief financial officer. Jose Honorio is the new deputy chief executive.

They replace a trio of Espirito Santo family members including the patriarchal figure of Ricardo Espirito Santo Salgado. sac louis vuitton , longchamp sac , nike scarp , ray ban pas cher , ray ban wayfarer sunglasses sale uk , nike pas cher

The head of BES's investment banking unit, Jose Maria Ricciardi, said: "I think it's indispensable for the confidence of clients, staff and the general public that the executive commission of BES be substituted as soon as possible by the new team that is supported by the main shareholders and the Bank of Portugal."

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