Bailed Out Spanish Bank Was Controlled By Catholic Priest

Santiago Gomez Sierra

Spanish bank CajaSur was managed by Catholic priest Santiago Gomez Sierra (pictured at right) prior to its bailout.

The Economist reports that the bank in Cordoba was managed by the Roman Catholic Church, before it was taken over at a cost of €530 million by the Bank of Spain.

CajaSur was unwilling to merge with Unicaja, another Spanish savings bank, and instead succumbed to government intervention. The failure of the merger is blamed on CajaSur’s demands over jobs and wages.

CajaSur’s bailout led to three separate bank merger events in Spain, the latest coming today when 6 banks moved to combine their assets for protection.

Now check out why this is just the beginning of the Spanish debt crisis >

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.