The Tranquility insurer, which belonged to the Holy Spirit Group, was sold for € 50 million to a North American fund advances the “Business Journal”. The insurer was valued at EUR 220 million and was dubbed by Ricardo Salgado as the “crown jewel” of Banco Espírito Santo.
The devaluation of the insurer led to it being sold at a bargain price. The American fund will pay less than a tenth of the value of credit of EUR 700 million that BES had on Espírito Santo Financial Group and the Tranquility was secure.
On the basis of this, is the exposure to the debts of Tranquility holdings of the Espírito Santo Group who are under the protection of creditors.
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