Europe Markets

BES shakes up leadership after central bank push

Banco Espirito Santo said on Monday its board put in place new executives who were originally supposed to take over at the end of July, after the Bank of Portugal accelerated management changes there aiming to distance the bank from the financial woes of the bank's founding family.

Espirito Santo Financial Group, which holds a 25 percent stake in BES, has previously named respected economist Vitor Bento to be the new chief executive of the bank and Joao Moreira Rato, who heads Portugal's IGCP debt agency, to be the chief financial officer. Jose Honorio becomes deputy CEO.

Read MoreHere's what's happening in Portugal

Espirito Santo International is the parent company of several institutions, including Banco Espirito Santo.
Mario Proenca | Bloomberg | Getty Images

The three replace the Espirito Santo family members, including its patriarch Ricardo Espirito Santo Salgado, who had agreed to resign earlier. A shareholder meeting set for July 31 is yet to ratify the appointments, BES said.

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