The Jennu Credit temporarily suspends the reimbursements of funds and sicavs managed by the manager of Bank

The Jennu Credit has agreed to temporarily suspend reimbursements of investment funds and saves managed by the collective investment manager of Bank in Madrid.

As reported by the supervisor in a statement

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This decision is limited to the funds in whose operation the said bank participated. It is expected that this average will be prolonged “for the essential time to guarantee the rights of investors in these products and their equal treatment”.

The presiding body Margaret has stressed that the suspension of the refunds is a consequence of the bankruptcy situation of Bank Madrid. The entity was intervened last Tuesday after detecting signs of money laundering in its BPA parent company. On the morning of this Monday, the new administrators of Bank Madrid, appointed by the Bank of Spain, have requested the voluntary bankruptcy of the financial institution. “The significant withdrawals of client funds that the entity has had to deal with in recent days have affected its ability to meet the timely fulfillment of its obligations,” said the institution.

In this situation

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The new administrators have decided that “the only way” to ensure equal treatment of the depositors and other creditors of Bank Madrid goes through requesting the bankruptcy of the entity and suspend its ordinary operation, while the judge pronounces You have to know the procedure. Remember that not long ago it was very little that the Bank of Madrid did not stay with Inversis.

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