The Dubai Financial Services Authority (DFSA) has imposed restrictions on ES Bankers (Dubai) Limited, the Dubai-based subsidiary of Portugal’s Espirito Santo group, following financial woes of the group.
The restriction has been imposed as Switzerland-based Banque Privée Espirito Santo, one of the group’s many holdings, has been unable to repay deposits owed to the Dubai-based subsidiary.
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ESBD has been barred from taking or paying deposits, prohibited from transferring any assets to other companies within the Espírito Santo group, or deal with retail clients or accept deposits from UAE clients.
The move aims to protect the interests of depositors and other clients of the bank as ESBD’s operations and solvency have been seriously compromised.
The regulator stated: "Given the rapid onset of financial difficulties of the wider ES Group in recent months, the DFSA has taken a series of regulatory actions to protect the interests of depositors and other clients of the [Dubai International Financial Center] bank."
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