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Portugal’s Banco Espirito Santo – the country’s third biggest bank has posted a massive first-half loss of 3.5 billion euros.

It said to be due to the provisions it has made against its exposure to other companies within the parent Espirito Santo Group.

Last week the banks former boss Ricardo Salgado was arrested in connection with a money laundering and tax probe.

The bank’s governor has tried to reassure depositors and investors than BES can withstand any losses.

Portugal’s government has dismissed any possibility of a public bailout.

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