Espírito Santo Bank, the Miami arm of the collapsed Espírito Santo family empire, is reportedly in advanced merger talks with Venezuela’s Benacerraf banking family.
Under the terms of the proposed deal, the Benacerraf family will pay $10m in cash and inject up to $15m additional capital to stabilize the troubled Espírito Santo Bank, The Wall Street Journal reported citing people familiar with the development.
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Espírito Santo Bank has only branch with around $660m in assets and a securities arm catering to customers in Venezuela and Brazil.
It was put up for sale in August last year after its Portuguese owner Banco Espírito Santo failed.
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