Spanish savings bank has fired two directors and is investigating two former executives for allegedly syphoning off 20 million euros ($26.5 million) into secret pension funds

Spanish savings bank has fired two directors and is investigating two former executives for allegedly syphoning off 20 million euros ($26.5 million) into secret pension funds, the bank said Saturday.

The board of directors of Caixa Penedes bank had "required the departure" of its president, Ricard Pages, and director general Manuel Troyano. It said both men had agreed to leave, the bank said in a statement.

The decision comes after state prosecutor for the northeastern region of Catalonia, Teresa Compte, said her office was investigating all four on suspicion of involvement in illegal activity.

Regional newspaper La Vanguardia said the case was the first time prosecutors had investigated senior executives for "criminal responsibility" in their handling