June 16, 2021

Bankia restructures its dome to face the challenges of the future | Economy

Bankia restructures its dome to face the challenges of the future | Economy

Bankia announced on Friday a restructuring of its top management to give access to four new general directorates, one of them on Transformation and Digital Strategy, as announced by the entity in a Relevant event submitted to the CNMV. The president of the entity, José Ignacio Goirigolzarri, says that it is the "beginning of a new cycle" for which the bank is endowed with an "organization more focused on the client, more agile and with greater levels of autonomy and ambition" that should serve as a "revulsive" for the transformations that lie ahead in the future.

In this new structure, the steering committee becomes integrated by 12 members, instead of the current four. Four new adjoint general directorates are incorporated, whose holders become part of the steering committee. Thus, a financial management is created with the integration of the financial and the intervention, which will direct Leopoldo Alvear. Likewise, the management of Participadas and Negocios Asociados will integrate the business of asset management and private banking, with Fernando Sobrini in the lead.

Manuel Galarza, who is responsible for the Credit Risk Department, also joins the steering committee. The Directorate of People is transformed into the Directorate of People and Culture and becomes directed by David López. Finally, since October there is a Strategy and Digital Transformation Department, headed by Carlos Torres, with the aim of transforming the way of working in the company and evolving with new technologies.

The relevant event includes statements by Goirigolzarri in which it justifies the changes with the aim of providing Bankia with "an organization that is more focused on supporting the network and, therefore, on customers, that prepares us to face the future, that is more meritocratic, and that serves as a revulsive for the bank in the short and medium term ".

The restructuring, nevertheless, supposes the exit of three directors of the organization: the until now director of Risks, Juan Carlos Estepa; the director of People, Juan Chozas, and the director of Participated and Associated Businesses, Joaquín Cánovas, to whom the board of directors "thanks your effort and decisive contribution".

The Frob still does not participate

Bankia has also informed the CNMV in another relevant event of the agreement signed on January 24 with the Fund for Orderly Bank Restructuring (FROB), the body created in 2012 in charge of managing the bank rescue, according to which the FROB will still not participate in the administration of Bankia, even though it holds 61.4% of its capital through the parent company of Bankia, BFA, and without using its right, as the largest shareholder, of its power to appoint directors. "It is the purpose of the FROB to exercise the management of its participation in the entities as an informed and responsible shareholder," says the agreement, but "not to participate in the Bankia administration, granting its governing bodies and administrators the greatest independence and autonomy of professional judgment for the diligent exercise of their functions. "

Of course, Bankia must keep the FROB informed about the "essential matters" and the bank's directors should meet periodically with the FROB to inform about the "evolution" of the bank.


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