Banco Espirito Santo (BES), the troubled Portuguese lender that sparked a global market selloff Thursday, has rushed to quell any concerns regarding its financial stability – in spite of the problems in the complex structure of its parent company.
BES shares tanked 19 percent on Thursday before being suspended and a late-night press release hoped to cool fears ahead of Friday's market open with shares once again being held from trading.
The lender said that it had 2.1 billion euros of extra capital beyond the minimum that it is required to hold and tried to allay fears about its exposure to the rest of the complex structure of its holding company.
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"(The) BES executive committee believes that the potential losses resulting from the exposure to Espirito Santo Group do not compromise the compliance with the regulatory capital requirements," it said in the release.
Portugal's Prime Minister, Pedro Passos Coelho, also tried to spread a reassuring tone, according to news wire reports, saying on Friday that investors should not worry about the stability of the country's financial system and BES depositors had no reason to worry.