The former head of Spanish bank Caja Madrid, now part of nationalized lender Bankia, was remanded in custody on Thursday over accusations of irregularities in the acquisition of a U.S. bank in 2008, a court statement said. "The magistrate in Madrid Court no. 9 has ordered Miguel Blesa be remanded in custody, with bail set at 2.5 million euros ($3.2 million), for the acquisition of Florida City National Bank," Madrid's High Court said in a brief press release.The statement provided no further details and Blesa's lawyer could not be immediately reached for comment.Caja Madrid, of which Blesa was chairman from 1996 to 2009, paid $927 million for 83 percent of Florida City National Bank in 2008 then bought the remaining stake at a later date for an undisclosed amount.
City National Corporation (the Corporation) is a bank holding company and a financial holding company. Shares of CYN traded higher by 1.0% or $0.61/share to $61.56. In the past year, the shares have traded as low as $46.12 and as high as $61.92. On average, 339552 shares of CYN exchange hands on a given day and today's volume is recorded at 388770.
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