Sevilla, The Number Two Of Bankia, Will Not Be On The Bridge Of Command In New Caesar Bank.
2021-02-16 | by CusiGO
Caixabank, the new bank with the largest business in Spain, will close its organization chart after merging with Bankia. Today it will be approved by the Council of public institutions and caixabank on Thursday. The biggest unknown is the fate of Jos é Sevilla, Bankia’s chief executive, who will not be at the top of the new entity. The executive, who arrived in Bankia in 2012 after working with goirigolzarri at BBVA in 2012, will remain after the merger. Jos é Ignacio goirigolzarri and Gonzalo gortazar will serve as chairman and first executive of caixabank respectively
In all mergers and acquisitions, the attractiveness of managers is a thorny issue. In this case, caixabank acquired Bankia, and its shareholders would own 74% of the capital of the final entity. Obviously, the management of Catalonia’s parent company would be the majority.
Once negotiations begin in September, it will be weeks before confirmation that the merger will continue. It was soon known that the dome would be led by Jos é Ignacio goirigolzarri, the current president of Bankia, who would hold the same post, although his executive functions were less than they are now.
In a merger, the chairman usually comes from the acquiring entity, but the reputation of goirigolzarri and his good relationship with Isidro fain é, chairman of La caixa foundation, the controlling shareholder of caixabank, shape this model. Gortazar is now the chief executive of Casa bank. Jodi guar, the current president of the Bank of Catalonia, will leave.
What is unknown is the position of Jose Sevilla (Madrid, 56), who is gorigorzari’s second since 2012 and a former close partner of BBVA.
Sevilla has a reputation in the Spanish financial world, where he has a long career. After FG stock investments and Merrill Lynch, he served as chief risk officer at BBVA, director of the president’s office of Francisco Gonz á lez, and director of the U.S. Department of strategy and finance. He is also a consultant to BBVA Bancomer, the entity’s main division. In September 2009, he left the company with goiri gozari.
According to financial sources, Sevilla has received some offers to continue to be associated with caixabank and has decided to go this way on its own. Benkia declined to comment. Bankia’s chief executive will remain in office until March, when the merger process will be completed.
The future of Sevilla was discussed at a press conference on the merger. Goiligorzari praised the work of his second board, saying he would not serve on the board of caixabank, a state-owned entity with a 16.1% stake, but added: “he will take a significant responsibility on the board.”
However, he said his responsibilities have not been fulfilled. “He did a great job for the operation. He’s been working hard these weeks. Pepe’s contribution is decisive, “he added.
In the new board, Juan Antonio Alcaraz, the current general manager of the business, is seen as the virtual third place for the bank. Mr. Alcaraz and Mr. Xavier Coll escursell, director general of human resources and organization, are the most senior members of this body. They were run by gortazar in June 2011.
Sevilla’s collapse at the new bank is not the only one. Leopoldo alvear (50, Madrid), banquia’s chief financial officer, left the institution after nine years of working in a public entity to take up the same position in sabadel. Mr. alvell will work closely with Cesar Gonz á lez, the future chief executive of Mr. zabader.
Caixabank’s future board will have 15 members: 60% will be considered independent directors and 33% will be women. Frob, the national rescue fund, will hold a 16.1% stake, while La caixa, which owns 30% of its capital, will add two directors through its holding company, criteriacaixa. Fernando Costa Duarte, a Lusa subsidiary of caixabank BPI, will also serve as “external” non-executive president.