June 20, 2013 / 4:59 PM / 4 years ago

Spain's jailed former Caja Madrid boss set free

MADRID, June 20 (Reuters) - The former head of Spanish savings bank Caja Madrid was freed from prison on Thursday after Madrid’s provincial High Court decided to shelve one of the investigations against him.

Miguel Blesa, the first banker to be spend time behind bars in Spain in two decades, was arrested in May and held without bail because of new information relating to Caja’s Madrid purchase of the City National Bank (CNB) of Florida in the U.S.

Judicial sources said that judge Elpidio Jose Silva had ruled on Thursday that Blesa, who chaired Caja Madrid between 1996 and 2009 and left before it was merged with other savings bank to form Bankia, could leave Madrid’s Soto del Real prison immediately.

Silva agreed with the Madrid court’s finding that a parallel investigation to the CNB one, relating to a 26.6 million euro ($35 million) loan made in 2006 to a Caja Madrid board member, did not need to be re-opened. ($1 = 0.7590 euros) (Reporting by Inmaculada Sanz; Writing by Clare Kane; Editing by Elaine Hardcastle)

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