Swiss begin bankruptcy proceedings against Espirito Santo private bank

ZURICH, Sept 19 Fri Sep 19, 2014 4:18am EDT

ZURICH, Sept 19 (Reuters) - Switzerland's financial regulator said on Friday it had initiated bankruptcy proceedings against a Swiss private bank that is part of the Espirito Santo family's troubled business empire.

FINMA said in a statement that it had found Banque Privee Espirito Santo SA (BPES), which has been in voluntary liquidation since July, to be over-indebted.

The regulator said the bank is in a position to rapidly and fully reimburse privileged deposits to its clients, according to current estimates.

FINMA had said earlier this month that it was investigating BPES. (Reporting by Joshua Franklin and Katharina Bart)

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