Daily News: March 17, 2015

Banco de Madrid Files for Bankruptcy Protection

The New York Times reported Banco de Madrid, a small Spanish bank, filed for bankruptcy protection on Monday after a U.S. government report accused its parent company in Andorra of laundering money on behalf of organized crime groups in China and Russia, as well as for government officials in Venezuela.

The Times reported the bankruptcy filing was aimed at stopping the flight of deposits from the bank after the accusations against its parent, Banca Privada d’Andorra, known as BPA.

To read the entire Times article, click here.