It has been reported that the Spanish offices of BNP Paribas and Banco Espirito Santo have been raided by police in connection with an alleged money laundering investigation. The banks were targeted by Spanish Civil Guard officers acting on the instructions of national court judge Baltasar Garzon, who had issued a search order.
Other stock brokers and the insurance company Cahispa were also raided in Madrid and Barcelona.
The police also investigated the homes of two people associated with the insurance company.
No further details on the investigation were released. Espirito Santo is Portugal’s third largest financial institution, and BNP Paribas is France’s largest bank.