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Spain to inject 604 million euros in Banco CEISS

April 26, 2013 09:45
MADRID (Reuters) - Spain's bank restructuring fund FROB has agreed to inject 604 million euros of cash in small lender Banco CEISS, the government said in its official bulletin on Friday. The cash injection will be made through a contingent convertible bond issue in CEISS, subscribed by the FROB, it said. The bank has been in merger talks with fellow lender Unicaja. (Reporting By Tomas Cobos; Writing by Tracy Rucinski; Editing by Paul Day)

Spanish 'bad bank' starts shifting problem assets

March 12, 2013 11:07
The "bad bank" set up to purge Spain's crisis-hit finance sector has begun operating and aims to sell off 1.5 billion euros' worth of toxic assets in 2013, the government said on Tuesday. "Its commercial activity has begun, beginning with the sale of real estate assets, and there are already some transactions that are just waiting to be signed," Finance Minister Luis de Guindos told parliament. The bad bank, known as Sareb, was formed by the fusion of eight Spanish banks including Bankia, one of four that were nationalised last year.

Spain suspends sale of bailed-out bank

March 5, 2013 08:46
Spain suspended a plan to sell off one of its ruined banks, Catalunya Banc, the lender said on Tuesday, after it reportedly received no viable offers. Catalunya Banc was one of five Spanish finance groups taken over by the state-backed bank rescue fund, FROB, and has received billions of euros in aid from Spain and the eurozone. It is one of the casualties of the collapse of Spain's property boom in 2008, which tipped Spain into recession, destroying millions of jobs and prompting a major restructuring of its banks.

Spain nationalises struggling Banco CEISS

February 8, 2013 10:50
Spain announced Friday it is nationalising a fifth bank, Banco CEISS, a small lender weighed down with a negative value of 288 million euros ($385 million). It is the latest development in the clean-up of a banking system that has been awash with bad loans since a 2008 property market crash. Spain's state-backed Fund for Orderly Bank Restructuring, or FROB, revealed the red ink detected in CEISS's books in a statement. The FROB had already said it would pump 604 million euros into the troubled bank.
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