If Credit agricole's chief executive Jean-Paul Chifflet wants to get away from it all as France's banks pack up for August, he will probably want to avoid Portugal as a holiday destination. After seeing his bank's second-quarter profit wiped out through its investment in "troubled Portuguese lender" Banco Espirito Santo, Chifflet had some sharp words for his erstwhile friends the Espirito Santos. "We can only regret having been misled by the family with which Credit Agricole was trying to create a true partnership to build the biggest private bank in Portugal," he said.
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