Outgoing Banco Espirito Santo CEO Ricardo Salgado

Outgoing Banco Espirito Santo CEO Ricardo Salgado

Mario Proenca/Bloomberg

The sale comes as Chief Executive Officer Ricardo Salgado, the 70-year-old great-grandson of the bank’s founder, seen here, was replaced by Vitor Bento after the Bank of Portugal urged the country’s second-biggest lender by market value to make changes to its executive management.