BES Angolan unit guarantee to be revoked

Johannesburg - Angola's central bank on Monday announced "extraordinary overhaul measures" for the local unit of Portugal's Banco Espirito Santo.

The central bank said a sovereign guarantee of most of its loans would be revoked in the initial phase of this process.

Provisional administrators had been named to carry out the overhaul, National Bank of Angola said in a statement.

It cited the "deteriorated state" of the credit portfolio of Banco Espirito Santo Angola (Besa).

The bank's assets would be assessed and could be sold-off or restructured, it said.