Venezuela family in talks to buy Espírito Santo Bank

The Benacerraf family of Venezuela is in advanced negotiations to buy Espírito Santo Bank, a one-branch Miami bank that was put up for sale in August after the collapse of its its Portuguese owner, Banco Espírito Santo,

the

Wall Street Journal

reported.

“Under the terms of the proposed deal, the Benacerraf family would pay $10 million in cash and inject up to $15 million in additional capital to stabilize Espírito Santo Bank after months of turmoil,” the article said.

The bank’s controls against money laundering and its alleged breaches of the U.S. Bank Secrecy Act have been under investigation, the report noted.

“The Benacerrafs are one of Venezuela’s oldest banking families and were once part-owners of a U.S. bank through a shareholding in Banco Unito CA, now part of Venezuelan lender Banesco,” the


Journal


article said.  (Source:


Wall Street Journal


, March 18, 2015.)