Bank of Spain is acquiring Caja de Ahorros del Mediterraneo (CAM), The Wall Street Journal reports. The central bank-controlled Fund for Orderly Bank Restructuring (FROB) will manage the Spanish savings bank. CAM will secure new capital worth €2.8 billion from FROB and be sold to another institution. FROB will also provide CAM with a €3 billion credit line to ensure sufficient liquidity, thereby, holding a large stake in the bank.
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