Banco Espírito Santo (BES) was a Portuguese bank based in Lisbon that on 4 August 2014 was split in two banks: Novo Banco, which kept its healthy operations, and a "bad bank" to keep its toxic assets. It once was the second largest listed Portuguese bank and the ninth largest contributor to the PSI-20 index. BES was the second largest private financial institution in Portugal in terms of net assets (€80,700 million in March 2011), with an average market share of 20.3% in Portugal and 2.1 million clients.