Banco Madrid € 1.3 billion insolvency

Overview:

• Banco Madrid has commenced a voluntary insolvency procedure which was brought under the bankruptcy code in force and approved by Law 22/2003. 
• The insolvency proceeding concerns a value of approximately €1.3 billion and private wealth management of over €6 billion. 
• Banco Madrid is a subsidiary of Banca Privada d'Andorra (BPA), which was privatised by the Androrran government in early March 2015.

Wai Yee Tsang - Journalist