Banco Espírito Santo was a Portuguese bank based in Lisbon that on 3 August 2014 was split in two banks: Novo Banco, which kept its healthy operations, and a "bad bank" to keep its toxic assets. It once was the second-largest listed Portuguese bank and the ninth-largest contributor to the PSI-20 index. BES was the second-largest private financial institution in Portugal in terms of net assets, with an average market share of 20.3% in Portugal and 2.1 million clients. On 3 August 2014, Banco de Portugal, Portugal's central bank, intervened in the bank by applying a resolution measure that split the bank in two. The bank was split into a healthy bank, Novo Banco, while the toxic assets remained in the existing bank which entered into liquidation in 13 July 2016. Novo Banco received a €4.9 billion bailout to be recapitalized. The bailout was funded by the Portuguese Resolution Fund, to which the Portuguese government lent €3.9 billion. The Resolution Fund became the sole owner of Novo Bank. Wikipedia