Bank of Spain Starts Proceedings Over Banco Santander SA’s Chief Executive Officer-Reuters

Monday, 4 Mar 2013 12:35pm EST 

Reuters reported that the Bank of Spain announced on March 4, 2013 that it formally started proceedings to decide whether Chief Executive Officer of Banco Santander SA, Mr. Alfredo Saenz, will be barred from banking. Spain's Supreme Court last month partially annulled a 2011 pardon of a conviction held by Mr. Saenz, reviving a long-running case, and now has to decide his fate as Chief Executive Officer of the euro zone's bank. Although Spanish rules on banking ethics would in most cases bar a person with a criminal record, the Bank of Spain said that it could not prejudge the outcome of the proceedings. A spokeswoman for Banco Santander SA said the bank and Mr. Saenz will now state their case before the central bank. She declined to make any additional comment. Mr. Saenz was convicted in 2009 for false accusations against debtors when he headed Santander-owned bank Banesto in 1994. He was handed a brief jail sentence and barred from banking for three months. 

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