de Lisboa to form Banco Espírito Santo e Comercial de Lisboa (BESCL), which again changed its name to BES in 1999. Up to the mid-1970s, BESCL reinforced its international presence with acquisitions, partnerships, and the creation of banks in countries such as the United States, Angola, and the United Kingdom, among others. Under a Decree Law of 1975, the bank was nationalised and the Espírito Santo family was prevented from doing business in Portugal. Within this context, the family re-established its financial interests abroad in countries such as Brazil, Switzerland, France, and the United States, culminating in 1975 with the creation of a holding company based in Luxembourg. This company was the predecessor of the Espírito Santo Financial Group (ESFG). The return to Portugal began in 1986 in partnership with Crédit Agricole and with the support of a core group of Portuguese shareholders. They formed the Banco Internacional de Crédito (BIC), also forming Espírito Santo Sociedade de Investimentos (ESSI), together with Swiss bank UBS and KBC Bank of Luxembourg. In 1990, the Espírito Santo Group recovered Companhia de Seguros Tranquilidade — the Espirito Santo family held a stake since 1935 — and the control of Banco Espírito Santo in 1991 with the creation of a holding company between ESFG and Crédit Agricole, called BESPAR. In 1992, BES began operating in the Spanish market where it created Banco Espírito Santo S.A. and in 1995, to open Banco Espírito Santo do Oriente (BESOR) that offers corporate and investment solutions to private clients. Also, in 2001, Banco Espírito Santo Angola, a bank formed under Angolan law, was founded. In the first six months of 2014 the bank lost the equivalent of $4.8 billion raising concerns about the health of the bank. BES shares fell by 89 per cent. On 3 August 2014, Portugal's central bank announced BES would be restructured by splitting the bank into two. This announcement, following BES record Q2 loss of €3.49 billion, allowed Portuguese stocks to outperform the broader European market the next day. Former structure BES has had a stable shareholder structure since 1991. The main shareholders, ESFG and Crédit Agricole, hold 50.8% of the capital. The Group's presence today is felt in 23 countries on four continents through branches, offices of representation, or sub-companies, making the Banco Espírito Santo Group the most international of the Portuguese financial groups. Since 2007, BES has been the only Portuguese bank