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Banco Espírito Santo retail investors set to recover most of lost funds

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Banco Espírito Santo retail investors set to recover most of lost funds

Retail investors who lost their savings in the bailout of Portugal's Banco Espírito Santo should recover most of their money over the next three years under a new plan, Reuters reported Dec. 19.

The Portuguese authorities stepped in to rescue the bank in 2014, splitting it into a "bad" part and a "good" part, Novo Banco SA.

The plan outlined by the government would see retail customers who bought commercial paper of the now bankrupt holding companies linked to BES' founding family receive €286 million in compensation, of a total of €485 million invested. In exchange, they would have to give up legal claims that have complicated efforts to sell Novo Banco, Reuters reported.