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BBC NEWS | Business | Spain bank bail-out hits shares

The Bank of Spain is to take over Caja Castilla la Mancha in the first bank bail-out in Spain since the global financial crisis began.

The government will also back the bank with 9bn euros (£8.4bn) in guarantees.

Shares in banking giants Santander and BBVA declined on concern over the health of the banks in Spain, where the housing market has been badly hit.

The branches of Caja Castilla opened on Monday morning as scheduled.

Share slump

Santander, which owns the Abbey and Alliance & Leicester in the UK, saw its shares drop 5.6% to 5.04 euros.


Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Mon Mar 30th, 2009 at 06:11:38 PM EST
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