Bloomberg News

Banco Espirito Santo Says Capital Needs Are 687 Million Euros

October 27, 2011

Oct. 27 (Bloomberg) -- Banco Espirito Santo SA, Portugal’s biggest publicly traded lender, said it would need 687 million euros to meet new capital requirements, according to the European Banking Authority’s methodology.

The bank has already presented capitalization plans to the Bank of Portugal, Lisbon-based Espirito Santo said today in a regulatory filing. A Nov. 11 shareholder meeting will vote on a proposal to raise as much as 791 million euros in a capital increase.

Espirito Santo said it will continue deleveraging its balance sheet and if necessary will consider other options in the capital markets.

To contact the editor responsible for this story: Joao Lima at jlima1@bloomberg.net


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