Bank of Spain to decide fate of Santander CEO under new law

MADRID Tue Apr 16, 2013 1:26pm EDT

Alfredo Saenz, Chief Executive Officer (CEO) of Spanish bank Santander, speaks during a news conference to present the company's first quarter profit in Boadilla del Monte, near Madrid, April 26, 2012. REUTERS/Sergio Perez

Alfredo Saenz, Chief Executive Officer (CEO) of Spanish bank Santander, speaks during a news conference to present the company's first quarter profit in Boadilla del Monte, near Madrid, April 26, 2012.

Credit: Reuters/Sergio Perez

MADRID (Reuters) - The Bank of Spain said on Tuesday it would open new proceedings to decide the fate of Santander (SAN.MC) Chief Executive Alfredo Saenz based on a new banking ethics law which was passed last Friday and could change how the supervisor evaluates the case.

The Bank of Spain has to decide whether Saenz, who holds a criminal conviction and could be barred from his post, is fit to continue in his role at the helm of the euro zone's biggest bank.

The central bank also said in a statement it had dropped previous proceedings based on the old law.

(Reporting by Sarah White; Editing by Julien Toyer)

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