Everything indicates that Espírito Santo Bank, present in Florida since 1976, is finally a buyer. According to The Wall Street Journal, the entity is in an advanced stage of talks with one of the best-known families in Venezuela.
It would be the Benacerraf, with a long history as bankers in the country. Not surprisingly, they are the founders of Banco Unión and currently, at least three of its members sit on the board of directors of the entity 100% Banco, one of the main commercial banks in the country. They are Salomón Henry Benacerraf Coriat, Fortunato Benacerraf Saias, and Luis Alfredo Farache Benacerraf.
The final offer on the table would include the payment of 10 million dollars in cash and the injection of an additional 15 million in the bank to recapitalize it, explains the financial newspaper alluding to the fact that the talks have been kept secret for months.
The former subsidiary of the Portuguese Espírito Santo, rescued by the Government of the country during the crisis, was put up for sale last August, after considering that it was not a strategic asset of the Portuguese entity. Then, BES Miami signed an agreement with the investment bank FIG Partners to guide it in the process of finding a buyer.
In the fourth quarter of 2014, BES Miami reported losses of more than $12 million, attributed in part to the payment of a multimillion-dollar fine of $8 million.
As of December 31, the entity has $660 million in assets and a valuable securities division for clients in Brazil and Venezuela. In addition, it has in Miami a recognized brand in the offer of wealth management and corporate and personal banking services. “For almost forty years he played the fundamental role in raising funds from Latin American clients for the Espírito Santo group,” explained The Wall Street Journal yesterday.
