Bank of Spain administrators file for Banco de Madrid bankruptcy

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Banco de Madrid, the Spanish unit of an Andorran lender under suspicion of money laundering, has filed for bankruptcy, Bank of Spain announced today.

The decision was taken by the administrators appointed by the central bank to oversee operations at the Madrid-based lender, after customers rushed to empty their accounts.

"This decision is a response to the strong deterioration of the financial situation of Banco de Madrid as a consequence of the large withdrawals of funds by clients that have

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