EspĂ­rito Santo Bank|]EspĂ­rito Santo Bank[/tag], which has wealth management operations, is selling its Miami, FL, business, having signed an agreement with Atlanta-based FIG Partners to assist with the sale.

EspĂ­rito Santo Bank, which has wealth management operations, is selling its business in Miami, Florida, having signed an agreement with Atlanta-based FIG Partners to assist with the sale.

EspĂ­rito Santo Bank Miami no longer has any ties to its former parent, Banco Espirito Santo, which was taken over by the Bank of Portugal after a number of troubles related to financial irregularities for the main group.

“The collapse of the 145-year-old Espirito Santo group has caused turmoil in international markets and rocked Portugal’s political and business world,” Reuters reported. “Regulators and prosecutors are examining possible fraudulent behavior behind the fall. As part of their investigation, regulators are looking into how the bonds issued in the first six months of the year were packaged, marketed and sold to clients, according to the people familiar with the examination.”

At the end of July, Banque Privée Espirito Santo, the Swiss private banking subsidiary of Espírito Santo Financial Group which is headquartered in Luxembourg, agreed to sell part of its Swiss private banking business.

Miami

G Frederick Reinhardt, chairman and chief executive of Espírito Santo Bank, said the firm has “severed all ties to [its] former parent”, with Espírito Santo Bank Miami now “completely independent, with its own board.”

“Our clients will no longer experience an impact upon ESB Miami from BES and will in fact see continued growth in the coming months as we seek a new owner,” Reinhardt said.

“Espírito Santo Bank presents an excellent opportunity. The bank has a strong franchise value and is profitable, and I look forward to working with Fred Reinhardt and his executives during a successful search and identification of highly qualified buyers, in a reasonable time frame,” said Thomas Rudkin, principle at FIG Partners, which has completed over 30 merger and acquisition transactions since 2012.

Florida Chartered since 1973, EspĂ­rito Santo Bank provides wealth management and personal/corporate banking services, residential/commercial real estate lending and trade finance services to domestic and international individuals, institutions and corporate clients.