SPAIN’S High Court has launched a formal investigation into corruption at the country’s second-largest bank BBVA.

The probe follows a request by the anti-corruption public prosecutor and will see the lender investigated on charges of bribery and corruption

These charges date back to 2004 and relate to the company’s dealings with former police chief Jose Manuel Villarejo.

BBVA executive chairman Carlos Torres stated he was ‘commitment to clarifying the facts and complying with the law.’

He added: “We will continue to collaborate actively with the judicial system.”

The judge presiding over the case has expanded the investigation to eight former and current BBVA employees.

None are believed to belong to the bank’s current board.

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