Spanish CAM bank closes after 137 years in business
Thursday, July 12, 2012 @ 12:08 AM
The Caja de Ahorros del Mediterráneo, also known as CAM bank, has officially dissolved, with its shares valued at zero euros at the close of trading yesterday.
At the last general meeting that lasted for over four hours, presided by the bank's directors and leaders of the Ordered Bank Restructuring Fund (FROB), members voted against the move, on the grounds that it would be harmful to thousands of customers.
Meanwhile, out on the street, a hundred protesters representing approximately 54,000 shareholders and preference stock holders broke out in outrage and insults.
The CAM assets will be now liquidated and the resulting funds will be passed to institutions related to the bank, such as the CAM Cultural Foundation. This means that the shareholders lose their money as a result of the dissolution.
Source: Repossessed Property Spain