Blogging from the Murcia region of Spain until early June, when I return to
the Highlands of Scotland for a few months

'Fair and softly goes far' - Miguel de Cervantes

Friday, 15 July 2011

Bank of Spain to assume control of CAM Bank

The Bank of Spain (Banco de España) is to assume control of Caja Mediterráneo (CAM Bank) with the injection of €2.8bn of public funds so that the state will hold an estimated 70 per cent of the capital of the bank. The current management team of CAM, led by Roberto López, will be displaced as a result and the Bank of Spain will choose between two options for the future of the bank - to hand the bank over to a competitor with a management team in place (in other words for it to continue trading under its own name) or to auction it to the highest bidder, a less-attractive option because it would require the injection of further public funds.

This is merely the latest stage in the long saga of Alicante-based CAM Bank, which has been having difficulties since the property-crash 3-4 years ago.

1 comments - please add your own:

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