Subsidiary of Andorran lender Banca Privada d’Andorra (BPA) Banco Madrid has requested to enter in to insolvency proceedings and will suspend activity after significant deposit withdrawals, the Bank of Spain said on Monday. “The decision comes after the sharp deterioration in the financial situation of Banco Madrid as a consequence of important withdrawals from client funds and after latest events which have affected its capacity to meet its obligations,” the central bank said in a statement.