Spain Seizes Banco de Valencia, to Inject 1 Billion Euros – Businessweek

Spain plans to inject as much as 1 billion euros ($1.35 billion) of capital into Banco de Valencia SA, the latest of seven lenders to be either seized or taken over by the central bank.

A state rescue fund, known as FROB, will administer the Valencia, Spain-based lender and provide it with a 2 billion- euro credit line, the Bank of Spain said today in a statement. The central bank removed the administrators of Banco de Valencia at the request of the lender’s board, the regulator said.

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