Banco Espirito Santo

Founded in 1869, Banco Espírito Santo (BES) was one of Portugal's largest and oldest financial groups, providing a wide range of services including retail banking, investment banking, insurance, and asset management. The bank was controlled by the Espírito Santo family for generations and had a significant international presence, particularly in Spain, Angola, and Brazil. In 2014, following the discovery of significant financial irregularities and hidden losses within its parent holding company, Espírito Santo International, the bank faced a severe liquidity crisis, leading to a €4.9 billion rescue and resolution action by Portuguese and European authorities.