BANCO ESPIRTO SANTO E (BKESF)

[Churak]

From Part H, item #2:


2. Are the shareholders of Banco Espírito Santo, S.A. being expropriated?

The resolution measure is not an expropriation. When situations threatening the stability of the financial system occur, the law empowers Banco de Portugal to reallocate a credit institution's assets, with legally defined limits and conditions.

In this case, the shareholders of Banco Espírito Santo, S.A. are no longer able to own assets and liabilities that have been transferred to Novo Banco, for the reasons and purposes given in response to Question A4.

By law, the shareholders may only be paid through judicial liquidation proceedings for the Banco Espírito Santo, S.A. business that has not been transferred to Novo Banco. Furthermore, under the subordination hierarchy resulting from the applicable legal and contractual provisions, this can only happen after all the other credits over the insolvency have been settled.


https://www.bportugal.pt/en-US/OBancoeoEurosistema/Esclarecimentospublicos/Pages/infobes.aspx


So Novo Banco is up for sale and has attracted 4 bidders and shareholders of Banco Espirito Santo, S.A do not participate in those sale proceeds per the above link. Shareholders of Banco Espirito Santo, S.A. only participate in the judicial liquidation proceedings ofr Banco Espirito Santo.