Caja de Ahorros del Mediterráneo
Caja de Ahorros del Mediterráneo (CAM; Mediterranean Savings Bank) was a Spanish savings bank in Alicante, Valencia.
Trade name | Caja Mediterráneo |
|---|---|
Native name | Caja de Ahorros del Mediterráneo |
| Company type | Savings bank |
| Industry | Financial services |
| Founded | Alicante, Spain (March 23, 1992) |
| Defunct | December 2011 |
| Fate | Acquired by Banco Sabadell, S.A. |
| Successor | SabadellCAM |
| Headquarters | , Spain |
Number of locations | 1,157 branches |
Key people | Modesto Crespo Martínez, Chairman (2009-2011), Roberto López Abad, CEO (2001-2010), Agustín Llorca Ramírez, Deputy General Manager (2011) |
| Services |
|
Net income | €3,703,344,000 (2007) |
| Owner | Banco Sabadell, S.A. |
Number of employees | 7,171 (2007) |
The savings bank failed with the burst of the property bubble on Spain's Mediterranean coast. In the first nine months of 2011 it had lost €1.7 billion and the bad loans ratio had reached 20.8 per cent. In December 2011, it was sold to Banco Sabadell for one euro.
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