Banco Espirito Santo., Portuguese Bank, Lisbon, Portugal. Photo:Jeff Gilbert
Banco Espírito Santo e Comercial de Lisboa, commonly known as just Banco Espírito Santo or BES for short, is a Portuguese bank based in Lisbon, and was founded in 1920. It is listed on the Euronext 100 index. "Espírito Santo" is Portuguese for "Holy Spirit", or as it is more commonly translated, Holy Ghost. In this case, however, it refers to the surname of company's founder (and family). Banco Espírito Santo e Comercial de Lisboa (BES) traces its origins back to the second half of the 19th century, when José Maria do Espírito Santo Silva established a foreign exchange business. The Bank was founded in March 1920, with an original capital of PTE million, as the outcome of an upgrade of the then already-existing banking house of Espírito Santo Silva & Cª. Banco Espírito Santo grew rapidly during subsequent years. Its branch network spread out all over Portugal, and the share capital doubled with assets rising to ten times their initial figure. In October 1937, Banco Espírito Santo merged with Banco Comercial de Lisboa. The latter having been established in 1885. The new institution was named Banco Espírito Santo e Comercial de Lisboa, and continued to be presided over by the banker, Ricardo Ribeiro Espírito Santo Silva. This merger led to Banco Espírito Santo's assets increasing by around one third. After the merger, and during the Second World War, the Bank pursued a strategy of geographical expansion, initially focused on more closely covering the Lisbon urban region. By the end of the 40s the Bank had increased the number of its branches to 34, and the share capital had doubled again. While the volume of assets had also virtually grown two-fold. Between the 50s and 60s BES intensified its expansion in Portugal by opening more than 50 branches. Its assets were up ten-fold and two capital increases were made. The Madeira-based "Cassa Bancaria Blandy Brothers, Lda." was also taken over during this period.
Size: 4367px × 2911px
Location: Lisbon, Portugal
Photo credit: © Jeff Gilbert / Alamy / Afripics
License: Licensed
Model Released: No
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