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Portuguese bank bosses quit ahead of $5.4 billion rescue

AP  |  Lisbon 

The troubles at Portugal's biggest bank by assets, state-owned Caixa Geral de Depositos, are deepening as its new president and six board members have quit less than three months after starting work.

The resignations come amid a dispute over a demanding that the bank's senior officials make public their income and personal assets. The departures are at a sensitive time as the government readies a 5.1 billion euro (USD 5.4 billion) rescue plan for the bank.

Caixa Geral de Depositos informed financial regulators of the developments today. The government says the rescue will proceed as planned next year.

Analysts say poor lending practices and unpaid loans are to blame for financial difficulties at Caixa Geral de Depositos and in the Portuguese sector generally.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 28 2016. 16:42 IST