ESFG

AcronymDefinition
ESFGEspirito Santo Financial Group
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ESFG reflects the heightened risk of default of ESFG and significant
losses for ESFG's creditors as a result of very recent developments in
ESFG and its troubled indirect shareholders (Espirito Santo International
Prior to the transaction, ESFG was the largest shareholder in the target with 87.5%, with its subsidiaries Espirito Santo Financiere holding 44.81% in the lender and Sspirito Santo Ventures SGPS SA owning the remaining 42.7%.
ESFG was established by BES as a platform for its financial investment abroad when Portuguese banks and insurance companies were nationalised in 1975.
Holders of the group's fixed rate step-up notes, maturing in 2025, are being offered to sell their existing notes and warrants to ESFG and to exchange them for the convertible bonds also due 2025.
ESFG also has an equity interest in Bradesco, the biggest private bank in Brazil and is a partner in Bradespar, an investment bank.
company) year-end 2013 accounts, when troubles of ESFG's main shareholder
long-term issuer rating of ESFG and has affirmed its short-term ratings
DBRS also retained unchanged its SA-2 support assessment for BCP and BES, and the SA-3 support assessment for ESFG.