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The bank of Spain says it has stepped in to bail out a regional savings bank after merger talks with another similar entity broke down.
Bank of Spain director Miguel Angel Fernandez Ordonez said early Saturday that the step had been taken to guarantee Cajasur, an Andalucian savings bank based in the southern city of Cordoba and run largely by the Catholic church, could continue operating as normal.
Fernandez said the bailout came after Cajasur failed to arrive at a merger agreement with Unicaja, another southern regional savings bank.
Cajasur reported a euro596 million ($749 million) loss in 2009. : The Associated Press
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