Banco Espirito Santo could sell non-core assets including 10% stake in Portugal Telecom as part of restructuring
Banco Espirito Santo (BES)'s restructuring plan could include sale of non-core assets including its 10% stake in Portugal Telecom (PT), reported Jornal de Negocios. Sources familiar with the situation told the business paper that BES is working with financial advisors on a plan to bolster its solidity, which should conclude by September.
Offloading some BES assets like shares in PT, insurer BES Vida, toll highways operator Ascendi and car park operator Empark is among a range of possible asset disposals under consideration by the bank's new management team led by CEO Vitor Bento, the same sources said.
Source Jornal de Negocios