Huge loss for Banco Espirito

PORTUGAL’S Banco Espirito Santo posted record losses last night, down €3.58bn (£2.76bn) in the three months to June.

The bank’s new chief executive, Vitor Bento, said that there would be an immediate attempt to raise capital. The crisis began with concerns about the bank’s finances.

The struggling shares dropped by another 10.57 per cent yesterday, down to just €0.34, less than a quarter of their value in early April.