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SPAIN-CAJAMADRID/
RTR3FZL4
March 03, 2014
Miguel Blesa, ex-chairman of savings bank Caja Madrid, arrives to the High Court in Madrid, March 3,...
Madrid, Spain
Miguel Blesa, ex-chairman of savings bank Caja Madrid, arrives to the High Court in Madrid
Miguel Blesa, ex-chairman of savings bank Caja Madrid, arrives to the High Court in Madrid, March 3, 2014. The former head of one of Spain's biggest bailed-out lenders appeared before a judge on Monday for questioning over the sale of millions of euros in risky investments to deposit holders, which lost their value in the country's financial crisis. High Court Examining Magistrate Fernando Andreu is investigating whether Miguel Blesa, ex-chairman of Caja Madrid, and other executives sold hybrid securities known as preference shares to boost capital and cover up solvency problems.
Some 300,000 clients of Caja Madrid and another lender Bancaja, lost their savings in the preference shares debacle. Bancaja and Caja Madrid were merged in 2010 with five other savings banks to form Bankia (BKIA.MC), which became Spain's biggest bailed-out bank. REUTERS/Sergio Perez (SPAIN - Tags: BUSINESS POLITICS CRIME LAW)
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