Spanish bank chairman steps down

The chairman of Spain's Bankia, Rodrigo Rato, announced his resignation on Monday. The Spanish government is on the verge of announcing a rescue plan for the troubled bank which will be part of a wider reform of the banking sector in Spain.

It is thought Bankia could need an injection of around 10 billion euros although this is unconfirmed. Its shares fell 3.3 percent on the news.

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