A disgraced former Spanish banker, Mario Conde, was arrested on Monday as part of an investigation into whether he fraudulently repatriated the equivalent of nearly $15 million in money he had hidden offshore while presiding over the collapse of one of Spain’s largest banks, Banesto, more than two decades ago, the International New York Times reported. Mr. Conde was arrested along with six other people, including two of his children and a son-in-law. The arrest was ordered by a judge from Spain’s national court who is inquiring whether Mr.

Banco Santander plans to close 450 branches in its Spanish home market in an attempt to bolster profitability and address the rapid shift towards internet and digital banking, the Irish Times reported. The euro zone’s largest bank by market value operates 3,467 branches in Spain, meaning it will cull about 13 per cent of its network. The closures will predominantly affect smaller outlets staffed by three or fewer employees. It remains unclear how many job losses will be involved in the overhaul, but Spanish media reports have suggested up to 1,000 workers could lose their jobs.

Spain has veered sharply off course in its long-running effort to reduce the budget deficit, unveiling a 5.2 per cent shortfall in 2015 that is likely to raise alarm inside the European Commission and impose significant political constraints on the next Spanish government, the Financial Times reported. Cristóbal Montoro, the budget minister, said the funding gap stood at €55.8bn last year — significantly worse than predicted by either the Spanish government or the Commission.

Abengoa SA has filed for bankruptcy protection in the U.S. as the Spanish energy company continues talks with its banks and bondholders to agree on its plan to restructure billions of dollars in debt, The Wall Street Journal reported. The renewable energy company, which operates around the world, on Monday night filed for chapter 15 protection, the section of the U.S. bankruptcy code dealing with cross-border insolvencies, in U.S. Bankruptcy Court in Wilmington, Del. The bankruptcy filing comes after Abengoa struck a deal with key creditors that gives it more time—through Oct.

Renewable energy giant Abengoa has avoided the largest bankruptcy in Spanish history – for the time being at least – by securing an agreement with its creditors, the Irish Times reported. The Seville-based firm needed the backing of 60 per cent of its lenders by Monday in order for the so-called “standstill accord” to come into affect. Abengoa managed to secure the support of 75 per cent of creditors, giving it up to seven months in which to restructure.

Spain's Abengoa is seen winning more time for talks aimed at avoiding bankruptcy as more creditors have agreed to back debt restructuring plan and inject new emergency liquidity, two sources familiar with the matter said on Tuesday. The engineering and energy company, struggling with a 9.4-billion-euro ($10.6 billion) debt pile, is in pre-insolvency talks with lenders and has until March 28 to win their backing and avoid becoming Spain's largest ever bankruptcy.

Catalonia is deliberately flirting with default on its bank loans as the region’s separatist government tries to force the Spanish state to deliver aid payments, according to two people familiar with the situation, Bloomberg News reported.

Abengoa’s global ambitions are now the source of its troubles, the International New York Times reported. Saddled with debt from its expansion, the company is scrambling to avoid what would be the largest bankruptcy in Spanish corporate history. Creditors and shareholders are taking the company to court as losses mount and crucial financial support disappears. The company’s changing fortunes, from industry darling to financial invalid, are an extreme example of the challenges facing players in the renewable energy business.

Struggling energy and engineering firm Abengoa will probably have to ask a court for more time to get lenders to back its debt restructuring, as its race to avoid becoming Spain's first ever bankruptcy goes down to the wire, Reuters reported. The company said on Wednesday it expected to have the support of creditors representing 60 percent of its financial debt by a legal deadline on March 28.

Abengoa SA is stepping up efforts to win creditor support for a debt-restructuring plan two weeks ahead of a court deadline that could lead to insolvency, Bloomberg News reported. The Spanish renewable-energy company still needs the support of lenders with about 35 percent of its debt to approve a deal agreed with its main bank creditors and bondholders last week, according to two people familiar with the matter, who asked not to be identified because the negotiations are private.