Spain's Caixabank to name new chairman

Spain's Caixabank to name new chairman

Spain’s third biggest lender, Caixabank, will reportedly name chief economist Jordi Gual to replace chairman Isidro Faine, according to Spanish media.

Gual, currently Caixabank’s chief strategy officer and chief economist of the group, will be named as non-executive chairman after first being elected to the board at an extraordinary meeting on Thursday.

The European Central Bank (ECB) has to approve the appointment and, until then, the current vice president of the entity, Antoni Masanell, will preside the bank provisionally.

Gual has been part of a European Commission economic advisory team on competition policies in the early 2000s. He is also professor of Economics at IESE Business School.

Faine, for its part, will chair Fundación Bancaria La Caixa y Criteria, the charitable foundation attached to the lender, which is its controlling shareholder.

Considered one of Spain’s most influential bankers, Faine chaired Caixabank since 2009. He is vice president of telecoms company Telefónica, vice president of Repsol and adviser of Portuguese bank BPI, The Bank of East Asia, Gas Natural and Suez Environnement Company.

Caixabank did not return InvestmentEurope request for comment at the time of publication.

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