The New Caixabank Has Designed A Board Of Directors Led By Executives Of The Bank Of Catalonia
2021-02-18 | by CusiGO
After negotiations and good words, when designing the board of directors of a merged bank, the controlling shareholders usually do not share power, which has led to conflicts in other cases in Spain. Top: of the 14 senior executives on the board, 12 are from caixabank, holding 74% of the shares, and 2 are from Bankia, holding about 26%.
Gonzalo gortazar, the current chief executive of Spain’s largest bank, will continue to be caixabank’s chief executive and chair its board, reporting to the board rather than to the executive chairman. The only two areas that Bankia’s former management is responsible for are compliance and control, with Manuel Galarza and Eugenio Solla responsible for sustainability.
Xavier coll, the director general of human resources, is expected to leave in early 2022, to be filled by David L ó PEZ of Bankia. Of the three executives in Bankia, only Lopez will occupy a significant position in the organization.
The exception to this merger is the post of executive chairman, which appears in the official statement and is assumed by Jos é Ignacio goirigolzarri, the current chairman of Bankia, who will remain in the new entity. The Council’s communications and institutional relations, internal audit and Secretariat will be based in goiri gozari.
In fact, the senior executives in the control department of goiri gozari came from caixabank, because three of Bankia’s senior managers working in these areas have resigned. The director general, Jos é Sevilla, did the same. In addition, the three departments will be members of the steering committee and will therefore be subject to some of gortazar’s oversight.
The proposal of the new committee will be submitted to the board of directors after the merger with Bankia, which will also formally elect goirigolzarri.
Caixabank’s new board of directors will be chaired by gortazar, with Juan Alcaraz, director of operations, Xavier coll, director of human resources, Jordi Mond é jar, chief risk officer, CIB and I nianaki badiola, director of international banking, Luis Javier Blas, director of media and Matthias bulach as the chairpersons. Director of accounting, management control and capital, Manuel garazar; director of compliance and control, Ms. Louisa Martinez; director of communication and institutional relations, Javier pano; director of finance, Marisa retamosa; director of internal audit, Eugenio sola; director of sustainable development, Javier Valle; director of insurance and capital The president: I now call on the Secretary General and on Mr. Oscar Calder ó n, a member of the Council.
According to reports, Jos é Ignacio goirigolzarri said he hoped “to achieve the merger as soon as possible and hope that the new team will start working together on the project to create Spain’s largest financial institution.”.
Gonzalo gortazar stressed, “this is the new team that the agency needs to meet the major challenges that the industry will face in the next few years.”
The merger is expected to take place in the first quarter of 2021 – after all relevant regulatory authorities have been received – and business integration between the two entities will be implemented by the end of 2021.
At the shareholders’ meeting of caixabank and Bankia in early December 2020, the joint merger project was approved by a majority vote. The general meeting of caixabank and Bankia approved the agenda item with more than 99% support.