News Column

Overhaul for rescued bank

August 5, 2014

Angola's central bank yesterday announced "extraordinary overhaul measures" for the local unit of Portugal'sBanco Espirito Santo, which was rescued at the weekend by the Portuguese government.

National Bank of Angola said a sovereign guarantee of most of the local unit's loans would be revoked in the initial phase of the overhaul. Provisional administrators had been named, the central bank said, citing the "deteriorated state" of the credit portfolio.

Cape Argus

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Source: Cape Argus (South Africa)

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