Banco Espirito Santo management shake-up

The Bank of Portugal has ordered Banco Espirito Santo to replace management and immediately appoint the new executives who were supposed to take over at the end of July.

The precautionary move comes at a time when regulators are looking to distance the bank from the serious financial condition at Espirito Santo International - one of the bank's holding companies.

Fears over Banco Espirito Santo's state last week sent tremors across the financial markets and led to the trading suspension of both Banco Espirito Santo and Espirito Santo Financial Group (ESFHF).

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