Bloomberg reports that Espirito Santo Financial Group is seeking creditor protection in Luxembourg.
It’s the third part of the Espirito Santo empire to crumble along with Rioforte and Espirito Santo International.
The market seems to be concluding that Banco Espirito Santo is ringfenced, shares of the company are up 19% this week (but still trading at only 49-cents). Espirito Santo Financial Group owns 20% of the bank after selling 5% earlier in the month to meet a debt payment.
