The 474 branches of the CajaSur bank have opened as normal today after the Bank of Spain intervention at the weekend.
The Bank of Spain intervened to ensure that CajaSur can continue to operate normally and comply with all its obligations to third parties and has replaced the board of directors with administrators from the FROB (Fondo de Reestructuración Ordenada Bancaria).
The provisional administrators appointed to CajaSur are José Antonio Iturriaga Miñón, Tomás González Peña and Francisco Orenes Bo. They have one month in which to submit a detailed report on the financial position of the bank, its feasibility and to come up with possible solutions for the entity.
The intervention by the Bank of Spain was prompted by the failure of CajaSur and Unicaja to agree a merger.