Spanish Bank Seeks Creditor Protection After Withdrawals | WHAT REALLY HAPPENED

Spanish Bank Seeks Creditor Protection After Withdrawals

Banco de Madrid SA stopped operations and is seeking protection from creditors after the U.S. accused its parent, Banca Privada d’Andorra, of money laundering.

Customers of the Spanish bank withdrew significant amounts of funds, leading to a “strong deterioration” of its financial situation, according an e-mailed statement Monday from Banco of Spain, the central bank. Client deposits of up to 100,000 euros ($105,000) are guaranteed by Spain’s deposit-guarantee fund, the central bank said.

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