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Share Name | Share Symbol | Market | Type |
---|---|---|---|
BBVA Bilbao Vizcaya Argentaria SA | NYSE:BBVA | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.27 | 0 | 10:12:53 |
By Jeannette Neumann
MADRID--The chairman of Spain's CaixaBank SA is stepping down to take control of the lender's large charitable foundation, an expected move that complies with a Spanish law requiring the head of a bank and the head of a foundation to be separate.
CaixaBank will submit the appointment of Jordi Gual as chairman to the board on Thursday, replacing Isidro Fainé, the bank said in a regulatory filing. Mr. Gual is the bank's chief strategy officer.
Investors and analysts say they still expect Mr. Fainé to hold considerable sway at the bank he has transformed from a regional savings bank into the third-largest lender in Spain by market value behind international giants Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA.
"The appointment of Mr. Gual is a mere step to comply with the banking foundation law," Fidentiis analyst Mario Ropero wrote in a research note on Wednesday morning after local Spanish media reported the management changes. "We do not foresee any strategic changes at the bank."
CaixaBank shares were up around 3% after the regulatory filing was published, as were most Spanish stocks.
Write to Jeannette Neumann at jeannette.neumann@wsj.com
(END) Dow Jones Newswires
June 29, 2016 04:26 ET (08:26 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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