CORRECTED - Bank of Spain approves takeover of bailed-out bank

(Corrects to remove reference to bank restructuring fund, after Cajastur stated that the takeover would not impact public coffers)

MADRID, Nov 3 (Reuters) - The Bank of Spain said on Tuesday that it has approved the takeover of the only Spanish bank to be bailed out during the financial crisis, Caja Castilla La Mancha (CCM).

A savings bank from the region of Asturias, Cajastur, will take control of CCM if the general assemblies of both regional banks approve the terms of the deal, the Bank of Spain said in a statement.

Spain's about 46 largely unlisted savings banks have been hit badly by the slump in the country's property sector after a decade-long boom and have some of the highest non-performing loans ratios in the financial sector. (Reporting by Andres Gonzalez)