CaixaBank's Board of Directors has accepted Isidro Fainé's resignation as the bank's chairman and the appointment of Jordi Gual as non-executive chairman of CaixaBank, the leading bank in the Spanish market. CaixaBank CEO, Gonzalo Gortázar, meanwhile, will continue as the bank's top executive.
Isidro Fainé will remain chairman of "la Caixa" Banking Foundation and of CriteriaCaixa CaixaBank's controlling shareholder and will become more involved in the running of both entities.
This decision was made to comply with Law 26/2013 on Savings Banks and Banking Foundations, which establishes that members of the boards of trustees of banking foundations cannot also serve as members of the governing bodies of former savings banks that have been transformed into banks, as is the case with "la Caixa" Banking Foundation and CaixaBank.
Isidro Fainé, driver of CaixaBank's commercial revolution since 1999
Isidro Fainé joined "la Caixa" at the end of 1981 as a deputy general manager and head of all commercial activities including the network of 500 branches, was appointed general manager in 1999, and took over from Ricard Fornesa as the bank's chairman in 2007.
First as general manager and then as chairman of "la Caixa", Fainé has driven a veritable commercial revolution since 1999, transforming CaixaBank the entity taking over the banking business of "la Caixa" in 2011 into the leading financial institution in the Spanish market, multiplying its size nearly five-fold, doubling its customer base and trebling investment in welfare projects.
Over the same period and until the end of 2015, the bank practically quintupled lending (from 42,442 million to 206,437 million) and quadrupled total customer funds (74,374 million to 296,599 million) thanks to the expansion of its range of financial services led by Fainé since he joined the organisation.
During his career, Fainé has been behind the growth of the banking business through the most extensive branch network in the Spanish financial system. He has consolidated "la Caixa" Banking Foundation's position as the largest foundation in Spain in terms of funds invested, and one of the largest in Europe and worldwide. He has also strengthened Criteria's position as the largest holding company of real estate and industrial investments in Europe, diversifying its investments from a commercial perspective and expanding the services in its portfolio beyond the financial sphere.
During his time at the helm of the financial entity, Isidro Fainé also fuelled the growth of the financial business through the mergers completed since 2008 (Morgan Stanley, Caixa Girona, Bankpime, Banca Cívica, Banco de Valencia and Barclays). He also implemented the bank's international strategy by acquiring stakes in leading financial institutions such as Grupo Financiero Inbursa, The Bank of East Asia and Erste Bank, and increasing its position in BPI.
Isidro Fainé has underlined that his aim is "to continue working for the "la Caixa" Group with the same commitment, passion and energy as on Day 1 and with the experience accumulated over 35 years in the organisation".
As a representative of the Spanish and European business and financial sector for over 50 years, Isidro Fainé has played a key role in various positions of responsibility, including the chairmanship of Spanish Confederation of Savings Banks (CECA) and the European Savings Banks Group, and the chairmanship of the Spanish Confederation of Directors and Executives (CEDE) and the Spanish Chapter of the Club of Rome.
Fainé has reiterated that: "I have always been available to the Group's governance bodies to take, in each moment, on the most appropriate duties in the bank's interests", and thanked "the CaixaBank Board of Directors and the Banking Foundation's Board of Trustees for the faith they have always placed in me".
"Having been a member of the bank's most senior management since 1999, I will continue giving my views where I can help and where called upon by "la Caixa" Group," Fainé concludes.
Jordi Gual, new CaixaBank non-executive chairman
CaixaBank's Board of Directors has approved Jordi Gual's appointment as non-executive chairman of the leading bank in the Spanish market.
Jordi Gual expressed his "thanks to the governing bodies of "la Caixa" for the trust this appointment represents" and affirmed that he will step up to the next phase "aware of the weight of responsibility involved, but also with humility and enthusiasm for being given the opportunity to serve CaixaBank's shareholders". Gual added that he will work "together with CEO Gonzalo Gortázar to cement CaixaBank's position as a benchmark in the European financial sector for its profitability, solvency, quality of service and reputation".
Jordi Gual holds a PhD in Economics from the University of California, Berkeley, and a PhD in Economic and Business Science summa cum laude from Barcelona University. He serves as professor of economics at IESE Business School, and is a research fellow of the Centre for Economic Policy Research (CEPR) in London.
Gual joined the "la Caixa" Group in 2005. He is Research and Strategic Planning Executive Manager of CaixaBank and Strategic Planning and Development General Manager at CriteriaCaixa.
Jordi Gual has acted as economic adviser to the Director-General for Economic and Financial Affairs of the European Commission in Brussels, and visiting professor at the University of California, Berkeley.
He is currently a member of the International Advisory Council of the "la Caixa" Group, of the Oxera Economics Council, and of the Institute of International Finance's Market Monitoring Group.
Gual is also a member of the board of the European Corporate Governance Institute, of the executive committee of Círculo de Economía, and of the board of trustees of Fundación CEDE. He serves as deputy chairman of Fundación de Estudios Financieros.
Changes in CaixaBank's Board
As well as accepting Isidro Fainé's resignation and appointing Jordi Gual as board chairman subsequent to the latter's condition as proprietary director taking effect and the European Central Bank assessing his suitability as a chairman CaixaBank's Board of Directors also accepted Juan-José López Burniol's resignation, as in Isidro Fainé's case, to avoid any incompatibilities after the period established in the Second Transitional Provision of Law 26/2013 governing savings banks and banking foundations had elapsed.
Maria Dolores Llobet also stood down as board member having occupied her directorship for six years and therefore approaching the end of her term of office, and in order to increase the number of independent directors, within the context of the deconsolidation from CriteriaCaixa.
Subject to the European Central bank's verification of their suitability, CaixaBank's Board has agreed to appoint José Serna Masiá as a proprietary director and Koro Usarraga Unsain as an independent director.
CaixaBank Board of Directors
Chairman: Jordi Gual Solé (Proprietary)
Deputy Chairman: Antonio Massanell Lavilla (Executive)
Chief Executive Officer: Gonzalo Gortázar Rotaeche (Executive)
Directors:
Eva Aurín Pardo (Proprietary)
Maria Teresa Bassons Boncompte (Proprietary)
María Verónica Fisas (Independent)
Juan F.Franco Pueyo (Proprietary)
Salvador Gabarró Serra (Proprietary)
Javier Ibarz Alegría (Proprietary)
José Serna Masiá (Proprietary)
Alain Minc (Independiente)
Maria Amparo Moraleda Martínez (Independent)
Juan Rosell Lastortras (Independent)
Antonio Sáinz de Vicuña (Independent)
John Shepard Reed (Independent)
Guillermo Sierra Molina (Proprietary)
Koro Usarraga Unsain (Independent)
Xavier Vives Torrents (Independent)
Secretary: Alejandro García-Bragado
General Secretary and FirstDeputy Secretary: Óscar Calderón de Oya
Second Deputy Secretary: Adolfo Feijóo
