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Report: Former Banco de Valencia CEO to pay €94M to Spain's bank rescue agency

Spain's High Court ordered the former CEO of Banco de Valencia SA to pay €94 million to the country's bank rescue agency, FROB, for causing the bank to go bankrupt, El Economista reported.

The court also sentenced Domingo Parra to 15 months in prison for improper management, according to the Jan. 21 report.

Banco de Valencia was rescued by the state and sold to CaixaBank SA for €1 in 2012 after the sector was bailed out for about €40 billion in the aftermath of the financial crisis.