Caixabank Chairman Steps Down to Lead Charitable Foundation
June 29 2016 - 4:41AM
Dow Jones News
By Jeannette Neumann
MADRID--The chairman of Spain's CaixaBank SA is stepping down to
take control of the lender's large charitable foundation, an
expected move that complies with a Spanish law requiring the head
of a bank and the head of a foundation to be separate.
CaixaBank will submit the appointment of Jordi Gual as chairman
to the board on Thursday, replacing Isidro Fainé, the bank said in
a regulatory filing. Mr. Gual is the bank's chief strategy
officer.
Investors and analysts say they still expect Mr. Fainé to hold
considerable sway at the bank he has transformed from a regional
savings bank into the third-largest lender in Spain by market value
behind international giants Banco Santander SA and Banco Bilbao
Vizcaya Argentaria SA.
"The appointment of Mr. Gual is a mere step to comply with the
banking foundation law," Fidentiis analyst Mario Ropero wrote in a
research note on Wednesday morning after local Spanish media
reported the management changes. "We do not foresee any strategic
changes at the bank."
CaixaBank shares were up around 3% after the regulatory filing
was published, as were most Spanish stocks.
Write to Jeannette Neumann at jeannette.neumann@wsj.com
(END) Dow Jones Newswires
June 29, 2016 04:26 ET (08:26 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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