Banco Bradesco SA plans to write down its 356 million-reais ($158 million) stake in Portugal's Banco Esp�rito Santo SA, which the Portuguese government rescued over the weekend, the Brazilian bank said on Monday. Bradesco, which owned 3.9 percent of Banco Esp�rito Santo, will take a charge equivalent to 100 percent of the investment in Esp�rito Santo on third-quarter earnings, Brazil's second largest non-government bank said in a statement.Last week, Bradesco Chief Executive Officer Luiz Carlos Trabuco said his bank was not interested in participating in an eventual capital injection into Esp�rito Santo.The Portuguese bank had struggled with a drop in confidence following news of its exposure to a cascade of bankrupt and highly indebted companies controlled by its founding Esp�rito Santo family.Portugal's 4.9 billion-euro ($6.58 billion) rescue of Esp�rito Santo, the country's largest listed bank, was announced after a frenzied weekend of discussions between Portuguese and European Union officials. ($1 = 2.26 Brazilian reais) ($1 = 0.7450 Euros)
Banco Bradesco SA (the Bank) is a Brazil-based bank. Shares of BBD traded higher by 0.38% or $0.0594/share to $15.49. In the past year, the shares have traded as low as $10.23 and as high as $16.09. On average, 6668400 shares of BBD exchange hands on a given day and today's volume is recorded at 4008860.
Shares of BBDO fell by 1.35% or $-0.2114/share to $15.50. In the past year, the shares have traded as low as $11.30 and as high as $17.17. On average, 1572 shares of BBDO exchange hands on a given day and today's volume is recorded at 455.
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