Portuguese bank split in $6.6B rescue

Portugal's central bank has split the troubled Banco Espirito Santo into "good" and "bad" banks in a rescue that will cost billions but protect taxpayers and bank customers.

The $6.6 billion plan calls for the bank's deposits, branches, workers and operations to be transferred to Novo Banco, a new entity controlled by the Bank of Portugal, according to CNNMoney.

Banco Espirito Santo's problem assets will remain with the "bad" bank, and losses will be borne by shareholders and subordinated creditors.

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