Post by account_disabled on Feb 27, 2024 2:18:00 GMT -5
Capital flight in Banco Madrid. The transfer of money, around 150 million in the last five days, is taking place towards large national entities as opposed to others more specialized in wealth management such as Bankinter, Deutsche Bank, Banca March, UBS and JP Morgan. Six days after the Banco Madrid scandal broke , the entity's new administrators, appointed by the Bank of Spain, decided to request voluntary bankruptcy proceedings due to the significant withdrawal of deposits by clients. “The significant withdrawals of client funds that the entity has had to attend to in recent days have affected its ability to meet the timely compliance with its obligations,” explained the supervisor. As El Confidencial Digital has learned from financial sources familiar with these movements, clients have withdrawn around 150 million euros (at an average of 30 million per day) since the intervention by the Bank of Spain took place.
Several fund managers assure that this transfer of capital is taking place towards safe haven values which, at this time, are the private banks of the large national financial groups compared to other entities more specialized in wealth management. Former clients of Banco Madrid are choosing, after days of maximum uncertainty about the future of their savings, for safe alternatives to place their money. BBVA, Santander and the duo formed by CaixaBank and Barclays Netherlands WhatsApp Number are the leaders by managed assets, followed by Sabadell and Bankinter. Deutsche Bank, Banca March, UBS, JP Morgan and Bankia make up the dozen entities that lead the private banking business.However, sources close to the case assure ECD that the directors already knew that Wednesday night of the conclusions of the report of the Executive Service of the Commission for the Prevention of Money Laundering and Monetary Offenses (Sepblac). This circumstance precipitated their immediate departure from the bank because they were aware that reporting these signs of crime to the Prosecutor's Office was a matter of hours .
The incredible bond between Pablo and Iñaki Urdangarín Complaint to the Prosecutor's Office two days later Sepblac definitively reported Banco Madrid's management team to the Anti-Corruption Prosecutor's Office on Friday . It did so by detecting signs of crimes such as money laundering and other suspicious operations, after an exhaustive investigation of almost a year. This body, dependent on the Ministry of Economy, has the mission of preventing cases of money laundering from occurring in the Spanish financial system. At the same time, Sepblac has opened an administrative procedure against Banco Madrid for serious violations of the Money Laundering Law. The entity enters bankruptcy The new administrators of Banco Madrid appointed by the Bank of Spain requested this Monday the voluntary bankruptcy of the entity's creditors, due to the " strong deterioration suffered in the economic-financial situation of Banco Madrid SAU in recent days." This decision also implies the suspension of the bank's ordinary operations to stop the massive outflow of capital.