Ricardo Espírito Santo

Ricardo Espírito Santo
Born	1900-11-12 Cascais, Portugal
Died	1955-11-02 Cascais, Portugal
Occupation(s)	Banker, economist, arts patron, sportsman
Known for	Development of Banco Espírito Santo; arts patronage; Portuguese golf champion

Ricardo Ribeiro do Espírito Santo Silva (1900–1955) was a distinguished Portuguese banker, economist, arts patron, and international sportsman. Closely allied with the Portuguese dictator António de Oliveira Salazar, he played a pivotal role in developing Banco Espírito Santo (BES) into one of Portugal’s foremost financial institutions.

Early life

Ricardo was born on 12 November 1900 in Cascais, Portugal, as the second son of José Maria do Espírito Santo Silva, who established Silva, Beirão, Pinto & Cia in 1883. This enterprise later transitioned into Espírito Santo Silva & Cia., which eventually became Banco Espírito Santo (BES) in 1920. Educated in Edinburgh, Ricardo married Mary Pinto de Morais Sarmento Cohen (1903–1979), daughter of a financier based in Gibraltar and related to the 1st Baron of Sendal. He pursued studies in Economic and Financial Sciences at the Technical University of Lisbon and was notably active in sports, securing the Portuguese golf championship title in 1933 and serving as Captain of the national golf team. Additionally, he led the Sporting Club of Cascais and earned international acclaim as a bridge player.

The couple had four daughters; their eldest, Maria, wed João Carlos Roma Machado Cardoso Salgado. Their son, Ricardo Salgado, held the position of BES CEO until 2014 when the bank encountered a financial crisis and was divided into Novo Banco, a retail-focused institution, alongside a division managing BES’s toxic assets. In that same year, Ricardo Salgado was detained on allegations linked to financial misconduct.

Banco Espírito Santo

In 1932, José Espírito Santo, Ricardo’s elder brother, caused controversy by eloping with Vera Cohen, resulting in their social exclusion within conservative Lisbon circles. Following this, Ricardo assumed the presidency of Banco Espírito Santo, a role he maintained until his passing in 1955. José divested his shares to Ricardo but reacquired them at cost upon his return to Portugal in 1937—an uncommon practice within banking. Under Ricardo’s stewardship, BES merged with Banco Comercial de Lisboa in 1937 to form Banco Espírito Santo e Comercial de Lisboa, broadening its footprint nationally and establishing BES as Portugal’s premier private bank. This merger facilitated BES’s financial gains during World War II through international dealings involving strategic resources such as tungsten. The institution reverted to its original name, Banco Espírito Santo, in 1999. Beyond banking, Ricardo chaired the Executive Committee of SACOR (later known as Galp Energia), one of Portugal's largest corporations, and held prominent roles including Director of the Guild of Banks and President of Lisbon’s Society of Economic Sciences.

Relations with António de Oliveira Salazar

Throughout World War II, Ricardo Espírito Santo emerged as a central figure within Portugal’s economic landscape and maintained a symbiotic relationship with dictator António Salazar. BES benefited from Espírito Santo’s political affiliations while Salazar depended on him for intelligence beyond official ministerial channels and funding major infrastructure ventures such as TAP Air Portugal and the initial bridge spanning the Tagus River (subsequently named the 25 de Abril Bridge). Espírito Santo also financed Lisbon’s Hotel Ritz to elevate hospitality standards for visiting dignitaries.

In 1939, Espírito Santo discreetly supplied Salazar’s official residence with personal furnishings, underscoring their close association. He additionally settled expenses for Christine Garnier, a French woman connected to Salazar, with reimbursement made by Salazar himself.

Despite their partnership, disagreements arose on significant matters: Espírito Santo supported Portugal's involvement in the post-war Marshall Plan; however, Salazar imposed restrictions on foreign investments and emphasized economic development within Portugal's colonies—a stance that Espírito Santo regarded with skepticism. While Salazar permitted the growth of financial entities like BES for capital accumulation purposes, he maintained strict control over their political influence.

The Duke of Windsor

Throughout the Second World War, despite his wife's Jewish heritage and Espírito Santo's efforts to aid Jewish refugees in Lisbon, British intelligence agency MI6 harbored suspicions regarding Espírito Santo's possible pro-German leanings. Following the German invasion of France, the British Duke of Windsor, formerly King Edward VIII, along with his wife Wallis Simpson, relocated from Paris to Madrid with plans to travel to London via Lisbon. António Salazar, Portugal's neutral head of state, carefully balanced relations with both Hitler and Churchill by arranging for the couple to reside at Espírito Santo's residence in Cascais instead of a hotel in Lisbon, thereby minimizing their exposure to German operatives. They remained there for approximately one month before departing by sea on 1 August 1940, subsequent to the Duke's appointment as Governor of the Bahamas. During this period, Espírito Santo also played a role in assisting Maurice and Baron de Rothschild in securing refuge within Portugal.

Art collection

Among Espírito Santo’s philanthropic endeavors was the restoration and support of a neglected orphanage. His foremost interest beyond his business pursuits was the arts and culture, through which he accumulated a vast array of paintings, furniture, and tapestries, often described as “insatiable.” In 1953, he established the Fundação Ricardo do Espírito Santo, a "School-Museum of Decorative Arts" dedicated to educating art restoration specialists. Collaborating with architect Raul Lino, he acquired and refurbished the derelict Azurara Palace in Lisbon, converting it into an aristocratic residence reminiscent of the 18th century. Subsequently, he donated both the palace and an important collection of Portuguese artworks—recovered from Europe and the United States following substantial losses during the 19th century—to the Portuguese government.

In 1954, he curated a significant exhibition showcasing Portuguese jewellery in Paris. Beyond his banking and economic activities, Espírito Santo contributed extensively to art historical literature and supported essential publications such as Fernando de Pamplona’s five-volume Dicionário de Pintores e Escultores Portugueses, Luís Reis Santos’s Obras-Primas da Pintura Flamenga dos Séculos XV e XVI em Portugal, and José Queirós’s Cerâmica Portuguesa. Working alongside J. Lloyd Hyde and illustrator Eduardo Malta, he prepared Chinese Porcelain for the European Market, which was published posthumously in 1956.

Death

Ricardo Espírito Santo passed away in Cascais on 2 November 1955 due to a heart attack during recovery following stomach surgery. Throughout his lifetime, he received numerous distinctions and was honored with a Portuguese postage stamp issued in 2003.

Honours

Country	Rank	Honour	Ribbon
Portugal	Grand Cross	Order of Christ
Portugal	Commander	Order of Christ
Portugal	Commander	Order of Merit
Holy See	Knight Commander	Pontifical Equestrian Order of St. Gregory the Great
Romania	Commander	Order of the Star of Romania
France	Officer	Legion of Honour