Banco Económico, formerly Banco Espírito Santo Angola (BESA) renamed in 2015, after the bankruptcy of its mother house in Portugal, Banco Espírito Santo (BES), is an Angolan bank based in Luanda. Previously, BESA was affiliated with the now defunct Banco Espírito Santo, now Novo Banco, and is therefore a subsidiary of Espírito Santo Financial Group (ESFG). On 28 July 2014 it was announced that the Angolan state takes over the majority of Banco Espirito Angola, as its Angolan partners inject fresh capital of about US$3 billion into the Angolan bank.