Espirito Santo emphasises solidity with €1.4bn cash calls
Portugal’s Espirito Santo group this week set out to underline its relative solidity compared to its peers with a €400m capital raise for holding company Espirito Santo Financial Group and a €1.01bn rights issue for Banco Espirito Santo. Both deals had strong support at launch, and by including a side-deal for BES to take full control of its life insurance subsidiary from Credit Agricole, gives it additional funding and revenue options.
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