Seleccion eE

Savings banks managers get two years to pick their roles

Isidro Fainé (Caixabank), Baulio Medel (Unicaja) and Amado Franco (Ibercaja) will have until 2016 to choose between the presidency of the foundation or their respective banks, which are currently joined as one institution.

A new savings bank law forces the decision for the three managers, who all survived a mass extinction of Spanish savings banks because they have run their banks with professionalism -- a trait that was lacking at other savings banks.

Separating ownership and management is a key step that more closely mirrors the American style of corporate governance. It could be a fundamental change that keeps Spanish banks from repeating the same mistakes and gives Fainé, Medel and Franco enough time to decide what roles they will keep.

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