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European Banking Industry: Banco Madrid files for bankruptcy

Spanish bank, Banco Madrid has filed for bankruptcy. The move comes after the US Treasury accused the bank’s Andorran parent of laundering money for organized crime groups.

Customers of Banco Madrid, which caters for wealthy clients rushed to empty their accounts after the US allegations.

The cash withdrawals prompted Banco Madrid to halt business and seek protection from its creditors, the Bank of Spain said on Monday.

Banco Madrid had 15,000 clients with assets under management of about 6 billion euros before the authorities took over its parent bank and suspended its chief executive and board of directors.

Read more: Banco Madrid files for bankruptcy | euronews, economy

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