Espírito Santo Financial Group
| Espírito Santo Financial Group SGPS
|
|
|---|---|
 |
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| legal form | Corporation |
| ISIN | LU0202957089 |
| founding | 1984 |
| Seat |
 Luxembourg , Luxembourg
|
| management | Roger H. Hartmann |
| Number of employees | 9,359 (2009) |
| Branch | Banks, financial services, insurance |
| Website |
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The Espírito Santo Financial Group (ESFG) is a holding company based in Luxembourg . It was founded there in 1984. The group represents the interests of Portuguese Groupo Espírito Santo , the majority of investments in Portugal and other countries in Europe , Brazil , Angola has and other places. The company is listed on NYSE Euronext and the London Stock Exchange .
Through its subsidiaries, ESFG offers a range of banking services centered on Banco Espírito Santo. These are general insurance services (Tranquilidade) and health services (BES Saúde).
In addition to Banco Espírito Santo in Portugal, the Azores and Madeira, there is BES Angola in Luanda as well as branches and offices in São Paulo , Praia , Madrid , London , Paris , Warsaw , Lausanne , Macau , Panama City , Dubai , Miami , New York and the Cayman Islands .
On July 19, 2014, Espirito Santo International (ESI) filed for insolvency proceedings in Luxembourg. ESI is the owner of Rioforte Investments SA Rioforte holds 49% of Espírito Santo Financial Group via Espirito Santo Irmaos SGPS SA.
Rioforte also holds the holdings of the Espirito Santo group that are not part of the financial sector:
- Real estate (4.6 million square meters, Rioforte is the largest private landowner in Portugal and also operates in Brazil)
- Tourism (including the hotel chain Tivoli Hotels & Resorts in Portugal)
- Agriculture (Rioforte owns 169,000 hectares of land in Brazil and Paraguay, some of which is used as pastureland for 58,000 head of cattle; on the other hand for arable farming for soybeans, citrus fruits, rice, etc.)
- Energy (Brazil)
- Health (Portugal)
The Rioforte group has around 10,000 employees.
Rioforte filed for bankruptcy on July 23, 2014 and owes Banco Espirito Santo (BES) 220 million euros.
On July 25, 2014, the Espírito Santo Financial Group itself also applied for bankruptcy protection (gestion contrôlée). This is a reorganization process.
On August 1, 2014, Espirito Santo Financière SA, Luxembourg (ESFIL), a sub-holding of the Espirito Santo Financial Group, also filed for bankruptcy. ESFIL owes Banco Espirito Santo 480 million euros. The company held (as of the end of 2012) the following company shares:
- 99.33% in Banque Privée Espirito Santo (BPES), Switzerland
- 0.56% in Banco Espirito Santo Portugal, Portugal
- 44.81% in Banque Espirito Santo et de la Vénétie SA, France
- 51.00% in KeySpace Hungary Kft, Hungary
- 48.90% in DASSA Investments SA, Luxembourg
- 40.00% in ADEPA Global Services SA, Luxembourg (fund management)
Of this, the shares in KeySpace Hungary Kft had already been fully valued in 2012, those in Banco Espirito Santo and DASSA Investments SA partially.
Keyspace Hungary Kft, a Hungarian real estate company, is currently (2015) in bankruptcy.
Banque Privée Espirito Santo (BPES) had already sold a large part of its private banking business to the Swiss CBH Compagnie Bancaire Helvétique on July 22, 2014 . In 2013, BPES had 150 employees. In September 2014, the Swiss financial market regulator FINMA opened bankruptcy proceedings against BPES, which was in liquidation.
In the same month, the balances at ES Bankers (Dubai) Ltd., Dubai, owned by EFSG, were frozen. ES Bankers has claims against BPES that they cannot settle.
In September 2014 Ricardo Espírito Santo Silva Salgado stepped down as Chairman of the Board of Management, and was succeeded by Roger H. Hartmann.
In October 2014, the court in Luxembourg rejected the claims for bankruptcy protection ("gestion contrôlée") from the EFSG and ESFIL. Restructuring is impossible and gestion contrôlée is not beneficial for the creditors.
As a result, the ESFG and ESFIL filed for bankruptcy.
Following the rejection of Riofortes application for bankruptcy protection and is now Rioforte liquidated.
In February 2015, the liquidator of BPES announced that until 23 January 2015, the deposits of approximately 1,760 accounts in the amount of 12 million francs were paid (CHF). These are privileged deposits of up to CHF 100,000 per customer. In addition, securities etc. belonging to the customers in the amount of CHF 900 million were returned. The liquidator has registered claims against ESFIL and ESFG in the amount of more than CHF 170 million for BPES customers.
The insolvency administrators of ES Bankers, Dubai, announced that secured creditors will receive a rate of 87.2%, while unsecured creditors will receive nothing.
ESFG's shares were delisted in February 2016.
Individual evidence
- ↑ a b Espirito Santo Financial Group SA announces changes in its board of directors ( memento of the original from September 24, 2014 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. , Espirito Santo Financial Group SA, September 3, 2014
- ^ Website "Tranquilidade" ( Memento of the original dated December 7, 2006 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. (Portuguese)
- ↑ Espírito Santo Saúde website ( Memento of the original from July 1, 2011 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. (Portuguese)
- ↑ Banco Espírito Santo Angola ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. (English)
- ↑ Espirito Santo Group files for bankruptcy , Der Standard, July 19, 2014
- ↑ Espirito Santo International seeks bankruptcy protection in Luxembourg , Die Welt, July 21, 2014
- ↑ Rioforte / About Rioforte ( Memento of the original from August 10, 2014 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Another domino falls in the realm of Espirito Santo , Kurier, July 23, 2014
- ↑ a b c Rioforte / Real Estate ( Memento of the original dated August 10, 2014 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Rioforte / Tourism ( Memento of the original dated August 10, 2014 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Rioforte / Agriculture ( Memento of the original from August 10, 2014 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Rioforte / Energy ( Memento of the original from August 10, 2014 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Rioforte / Health ( Memento of the original from August 10, 2014 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice.
- ^ Espirito-Santo-Holding Rioforte applies for bankruptcy protection , Die Welt, July 23, 2014
- ↑ Another Espirito-Santo-Holding insolvent , Der Standard, July 25, 2014
- ↑ "ESFG: ESPÍRITO SANTO FINANCIAL GROUP SA ANNOUNCES REQUEST FOR CONTROLLED MANAGEMENT UNDER LUXEMBOURG LAW" ( Memento of the original dated August 5, 2014 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. , ESFG, July 25, 2014.
- ↑ European Judicial Network in Civil and Commercial Matters: Insolvency - Luxembourg
- ↑ Espírito Santo Financière applies for bankruptcy protection , Wall Street Journal Europe, August 1, 2014
- ↑ Espírito Santo International's Woes Trigger Creditor-Protection Filings , Wall Street Journal Europe, August 1, 2014
- ↑ a b ESFIL annual accounts 2012 on the ESFG website ( Memento of the original from August 8, 2014 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ ADEPA Corporate Presentation ( Memento of the original from August 8, 2014 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Creditreform: Keyspace Hungary Kft fa
- ↑ Banque Privée Espirito Santo sells a large part of its private banking to CBH , Neue Zürcher Zeitung, July 22, 2014
- ↑ Finma files for bankruptcy over Banque Privée Espírito Santo , Neue Zürcher Zeitung, September 19, 2014
- ↑ Dubai Regulator Curbs Activities of Espirito Santo Bankers , Bloomberg, September 18, 2014
- ↑ Espirito Santo Financial Group SA announces its application for controlled management has been turned down by the Luxembourg court ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. , Espirito Santo Financial Group SA, October 3, 2014
- ↑ Espirito Santo Financial Group SA announces its board of directors has resolved to file for bankruptcy ( Memento of the original from October 15, 2014 in the Internet Archive ) Info: The archive link has been inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. , Espirito Santo Financial Group SA, October 9, 2014
- ↑ Espirito Santo Units to Be Liquidated as Protection Denied Businessweek, October 17, 2014
- ↑ Banque Privée Espirito Santo SA in liquidation (BPES): Circular for the attention of BPES creditors - status of liquidation operations at the end of the 2014 financial year ( Memento of the original from February 14, 2015 in the Internet Archive ) Info: The archive link was inserted automatically and not yet tested. Please check the original and archive link according to the instructions and then remove this notice. February 6, 2015
- ↑ Secured Creditors Of Espirito Santo Dubai Unit To Get 82.7% Payout , Gulf Business, March 24, 2015
- ^ Delisting of the securities of Espirito Santo Financial Group. In: Receiver's announcement no. 8. Laurence Jacques as Receiver of ESFG at ESPIRITO SANTO INSOLVENCIES, accessed on August 12, 2017 .
Sources / web links
- Espírito Santo Financial Group website. Archived from the original on February 5, 2014 ; accessed on August 12, 2017 .
- Bankruptcy website ESFG