Sabadell Buys CAM for 1 Euro as Spain Banks Bail Out Caja
Banco Sabadell SA agreed to acquire stricken Spanish lender Caja de Ahorros del Mediterraneo for one euro in a deal financed and guaranteed by Spain’s commercial lenders as an effort to shield the national budget from losses. Spain’s deposit-guarantee fund, which is financed by the country’s banks, will first inject 5.25 billion euros ($7 billion) into Alicante-based CAM. The impact on Spain’s budget will be “nil,” as the deposit fund will also guarantee losses arising Continue reading Sabadell Buys CAM for 1 Euro as Spain Banks Bail Out Caja