Dubai Regulator Curbs Activities of Espirito Santo Bankers
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The fallout from the collapse of the Espirito Santo empire spread to the Middle East as regulators froze deposits at a private bank in Dubai.
The emirate’s financial regulator also forbade ES Bankers (Dubai) Ltd. from accepting more money from existing or new clients, it said in an e-mailed statement today. It attributed its decision to the failure of a Swiss private bank, Banque Privee Espirito Santo SA, to repay debts to ES Bankers (Dubai).