Braulio Medel He, who turns 75 this August, stepped down as chairman of the Unicaja Banking Foundation this Tuesday. His resignation and the appointment followed the celebration of the patronage of this institution as planned. The current leader and the new president of his successor is Jose Manuel Dominguez. Thus, the era of Medel as president of the Unicaja Foundation, a role he held for 25 years, ends after more than 31 years with Unicaja Banco, including the period when he stepped away from the bank to become its main shareholder. He held 30.2% of the shares.
Medel’s farewell received board approval and the backing of the Banking Foundations Protection Board. The compliance report requested by the Department of Economic Affairs, being prepared by Baker McKenzie, focuses solely on Foundation governance. It is argued that Medel’s dismissal makes it unnecessary to revisit eligibility questions raised by the government. The relevant agenda item passed with seven votes in favor and five against.
Born in Marchena (Seville) in 1947, Braulio Medel earned a Doctorate in Economics and teaches Public Finance and Tax Law at the University of Malaga. His career has long revolved around economics, especially finance. In the 1980s he directed the Planning Office of the Junta de Andalucía (1982-1984) and served as Deputy Minister of Economy and Finance (1984-1987). At 40, he became president of Caja de Ahorros de Ronda, one of five cajas that merged to form Unicaja in 1991: Cádiz, Almería, Antequera, Málaga, and Ronda.
Jose Manuel Domínguez, 63, holds a PhD in Economic Sciences and is a professor of Applied Economics in Public Finance, Economic Policy, and Political Economy at the University of Malaga (UMA). Quote-worthy for his strong academic profile and formidable work ethic, those who know him describe a person of considerable capacity and consensus. He has published more than a hundred academic articles and several books on economics, spanning both the public and financial sectors. Since Unicaja Banco’s inception, he has worked at the organization from Caja de Ronda and has served as the bank’s Technical Secretary for six years.
The foundation announced the appointment of Jose Manuel Domínguez Martínez as patron and new president of the institution, stating the decision was made unanimously.
After taking office, Domínguez expressed gratitude for the appointment, extending thanks to those who proposed it and to all who supported it, both internal and external.
Domínguez stressed that he would assume the position with full autonomy and independence within the legal, institutional, and governance framework, and with no restrictions other than the strict defense of the Foundation’s interests.
He also noted that the designation was a tremendous honor that comes with a high level of responsibility.
“I will spare no effort to defend the Foundation’s interests and to ensure its social mission reaches the highest levels of efficiency and quality, delivering the greatest possible social welfare,” he stated.
In the statement, the Foundation’s board of trustees also expressed gratitude to Medel for his long dedication and commitment over the years.
Medel himself thanked all the people who made up the institution for their work, dedication, and devotion, describing them as the pillars that have made the foundation the most important financial and social institution in Andalusia.
At this Tuesday’s session, the Board of Trustees approved the renewal of several positions. Philip Faraguna will serve as a foundation trustee and chairman of the Audit Committee, and Isabel Fernandez Machuca will be Unicaja Basketball director.
The Board also agreed to request a compliance assessment from the Banking Foundations Protection Board, with the report focusing on the governance of the Foundation and noting that evaluating suitability became less meaningful after Medel’s sudden dismissal.
Medel’s tenure faced wear and strain over the past year and a half, amid increasing questions about the management of the foundation, particularly since the Unicaja and Liberbank merger in July 2021. He has been viewed by some as aligned with the strategies of Manuel Menéndez, the current CEO of Unicaja Banco. Four special directors, including a member of the Unicaja Foundation, voted multiple times with Menéndez’s approach, at times clashing with President Manuel Azuaga’s preferred direction.
a conciliatory profile
Jose Manuel Domínguez, the new president of the foundation, holds a PhD in Economic Sciences and is a Professor of Applied Economics (Public Finance) at the University of Malaga. He began teaching in 1981 in the Málaga Faculty of Economics and Commercial Sciences, later serving as vice dean.
He has directed the Unicaja Edufinet Financial Education Project since 2005 and leads eXtoikos, a digital magazine that disseminates economic knowledge. He has held numerous leadership roles at Unicaja Banco for more than three decades.
He serves on the Education Economists Organization board, participates in the Teaching Innovation Commission at the University of Andalusia, sits on the CIFAL-Malaga scientific committee, and is a member of the Ateneo de Málaga Board. He has chaired Analistas Económicas de Andalucía and served as Vice-President of the Ciedes Foundation.
He has led Malaga Basketball Club and served on boards of Banco Ceiss, European Bank of Finance, International Financial Analysts, Regional Tax Management, Andalusian Economy, Esesa, and the Port of Malaga Special Plan.
He is the author of twenty books and more than 300 articles on public sector economics, the financial system, and financial education, among other topics. He has also published more than 600 opinion pieces.
a conciliatory profile
The departure of Medel has drawn reactions. CCOO welcomed the leadership change as a move that will secure the Foundation’s status and protect its group, arguing the change helps prevent reputational damage and ensures adequate governance.
The union noted that Medel’s departure followed a consensus request from the Andalusian political spectrum, social representatives, and citizen platforms to achieve governance and management that reflects the institution’s origins and roots, similar to other banking entities.
Given that the Unicaja Banking Foundation is the bank’s majority shareholder, CCOO suggested that the foundation’s new status could facilitate a return to stable governance at Unicaja Banco on terms aligned with the bank’s merger with Liberbank.