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Bank of Spain pumps 550 Million Euros into Cajasur

Mon 24th May 2010

The Cordoba based bank, controlled by the Catholic church, suffered losses of 596 million € last year and 114 million during the first quarter of this year, has turned down a merger offer with Unicaja at the last moment.

This now means that the savings bank is on the verge of bankruptcy, as their operating criteria has failed to meet current legal and banking demands, and so it has now handed over control the Bank of Spain.

Over the course of the weekend the Bank of Spain announced that they will inject 550 million € into CajaSur with immediate effect, from the FROB Bank Restructuring Guarantee Fund, to assure the solvency of the bank. The Bank of Spain has also appointed three administrators, and reports indicate that CajaSur will be sold off to the highest bidder.

Meanwhile Unicaja has said that they ‘remain open to a solution'.

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