Bank of Spain takes over unit of Andorran bank facing US probe

Bank of Spain

The Bank of Spain is taking over management of Banco de Madrid, after the US announced its parent company, Banca Privada d'Andorra (BPA), was under suspicion of money laundering activities.

In a statement yesterday night, the Bank of Spain said it was seeking to ensure smooth operations at the Madrid-based lender, which specialises in dealing with high-net-worth clients.

The central bank has appointed two employees to manage the bank, José Luis Gracia Cáceres and Alejandro Gobernado Hernández, w

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