Portugal’s Central Bank Pressures BES to Decide on New CEO in Bid to Curtail Panic
- Portugal’s second largest bank, Banco Espirito Santo SA (BES), is poised to announce a new CEO appointment on the heels of an emergency meeting as pressure builds from the country’s central bank.
Portugal’s second largest bank, Banco Espirito Santo SA (BES), is poised to announce a new CEO appointment on the heels of an emergency meeting as pressure builds from the country’s central bank.
Last week witnessed a widespread panic in European and US stock markets following reports of BES’s internal turmoil and renewed questions from Moody’s and Standard & Poor after missing commercial Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term. The banking conglomerate has been in the country’s regulatory crosshairs for almost two weeks, with shareholders protesting outgoing CEO Ricardo Salgado’s appointment of Amilcar Morais Pires.
Originally, a board meeting to determine the succession plan for BES was scheduled for the end of July – a date that seemed inconceivable given the upheaval wrought on the country and abroad.
The Bank of Portugal issued a statement this weekend ordering an urgent and extraordinary meeting of BES’s board to determine and ultimately weigh the proposed selections of prospective CEO Vitor Bento and Joao Moreira Rato as CFO, with Jose Honorio as Vice President of the Executive Committee – these men are expected to take over the company as early as Monday.
Portugal’s second largest bank, Banco Espirito Santo SA (BES), is poised to announce a new CEO appointment on the heels of an emergency meeting as pressure builds from the country’s central bank.
Last week witnessed a widespread panic in European and US stock markets following reports of BES’s internal turmoil and renewed questions from Moody’s and Standard & Poor after missing commercial Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term. The banking conglomerate has been in the country’s regulatory crosshairs for almost two weeks, with shareholders protesting outgoing CEO Ricardo Salgado’s appointment of Amilcar Morais Pires.
Originally, a board meeting to determine the succession plan for BES was scheduled for the end of July – a date that seemed inconceivable given the upheaval wrought on the country and abroad.
The Bank of Portugal issued a statement this weekend ordering an urgent and extraordinary meeting of BES’s board to determine and ultimately weigh the proposed selections of prospective CEO Vitor Bento and Joao Moreira Rato as CFO, with Jose Honorio as Vice President of the Executive Committee – these men are expected to take over the company as early as Monday.