March 4, 2021

Orcel sued Santander for canceling his appointment as CEO

Andrea Orcel has sued Banco Santander after canceling his appointment as CEO of the financial institution, and calls for compliance with the contract or compensation of up to 100 million euros for damages and prejudices.

As announced on Tuesday, El Confidencial, the banker, formerly responsible for investment banking at UBS, hired last March the services of the law firm De Carlos Remón, which specializes in Commercial, Tax and Public Law.

In January of this year, Banco Santander decided not to hire Orcel as CEO of the entity for the "unacceptable" price it would have to pay for its commitments with UBS.

Although Santander's intention was to have the trusted banker of the Botín family as CEO, which he announced at the end of September 2018, the bank was not willing to pay the more than 50 million that, according to industry estimates, would cost assume the deferred salary of those seven years.

Banco Santander sources have declined to comment on this.

. (tagsToTranslate) Orcel (t) Santander (t) cancel (t) director (t) delegate

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