Unicaja Banco reported this Monday to the National Securities Market Commission (CNMV) Appointment of Isidoro Unda Urzaiz as new independent director From existence. The incorporation of Unda, approved by the board of directors on Friday, April 29, last Friday, was founded by Manuel González Cid, who is also independent, former director of BBVA, Manuel González Cid, who has existed at this institution since last March 8 coming to fill the void. The adviser to the North American fund Cerberus in Spain submitted his resignation “because the bank’s management was not satisfied with the development”. The new director, Unda, has developed her career in the insurance industry.
The bank announced that when González Cid left, it began looking for a replacement. With Unda’s replacement, The board of directors currently has five independent directors with a 33.3% stake. Among the 15 total members that make up the highest governing body of Unicaja Banco.
The Malaga-based financial institution decided last February not to renew one of its independents, Manuel Conthe, to make room for the Mayoral’s owners-owned Market representative, as it prepares for a partial replacement of its board of directors. Owning 7.9% of the bank’s shares, it caused three resignations in a little over a month. First Conthe himself left, a week later Ana Bolado (who resigned, contesting the decision to fire an independent, claiming that this step “diverted the bank from good governance practices”), and a little later Manuel González Cid.
This controversial process thus led to a decline in the number of independent directors (from six to five). Unicaja has already demonstrated its determination to fill the first vacancy on the board with an independent member.. However, events can be sped up for that frame to move because European Central Bank (ECB) asks Malaga to renew position before 30 June The independent director failed to meet his promised minimum 40% quota.
Announcing the results last week, Unicaja Banco recorded a net profit of 60 million euros in the first quarter of this year, down 8.5% compared to the same period of the previous year, and maintains its commercial positive dynamics.
This results in a 14.3% increase in net fee income, an 8.5% decrease in administrative costs and a 34.2% decrease in write-off requirements, increasing ROTE by 1.5 points versus 2.3. It supported up to 3.8%. Percentage at which it closes fiscal 2021.
Source: Informacion
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