Spain takes over struggling bank with cash injection
Saturday, July 23, 2011 @ 2:33 PM
(Reuters) - Struggling Spanish savings bank Caja Mediterraneo (CAM) has been granted the 2.8 billion euros it needed to stay afloat after its planned merger with sector peers folded in March, the Bank of Spain said on Friday.
State backed bank restructuring fund FROB will receive shares in CAM in exchange for the cash injection and take over management of the bank until a buyer is found.
Read more at Reuters.com