Portuguese bank BES\\\' shares fall further

LISBON, July 14 (AFP): Shares in Portugal's largest listed bank, Banco Espirito Santo (BES), plunged again Monday as the arrival of new directors failed to shake off worries about the founding family's empire.

After posting an early gain of almost 6.0 per cent following news that new managers had taken over, BES shares then nosedived. In early afternoon trading they were down 8.11 per cent at 0.44 euros.

The PSI-20 index on which the bank's shares are listed was 0.25 per cent higher overall.

BES shares were suspended from trading last week after losing more than 17 per cent on Thursday and 5.5 per cent on Friday.

Under pressure from Portugal's central bank, BES named on Sunday a new team of directors, with former boss Ricardo Espirito Santo Salgado handing over to economist and former central bank official Vitor Bento.

Officials in Lisbon and other eurozone capitals want to ensure trouble in Portugal, which rocked financial markets last week, does not spread to other country's financial systems.