Espirito Santo Bank in Miami has hired the investment banking firm FIG Partners to market it to prospective buyers.

The $735 million-asset bank's former parent company, Banco Espirito Santo, was taken over by regulators in Portugal this month as part of a bailout plan.

Espirito Santo is now completely independent from Banco Espirito and has its own board members, G. Frederick Reinhardt, the chairman and chief executive of Espirito Santo Bank, said in a press release Monday.

"Our clients will no longer experience an impact upon ESB Miami from BES, and will in fact see continued growth in the coming months as we seek a new owner," Reinhardt said.

Espirito Santo Bank has a "strong franchise value and is profitable," Tom Rudkin, a principal at FIG Partners who is leading Espirito's sale, said in the release. His goal is to find "highly qualified buyers" in a "reasonable time frame."

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