14 March 2013
- The chairman of La Caixa will continue as head of the association of savings banks
The association of savings banks continues with its internal restructuring. Its chairman, Isidro Fainé, has handed over the chairmanship of Cecabank, the subsidiary that groups together the financial business, to one of his most trusted men at La Caixa, Antonio Massanell. His appointment was made effective at yesterday's meeting of the Confederation of Savings Banks.
Fainé will continue to lead Ceca, the association that will focus on institutional representation and the defence of the sector. One of the most relevant issues to be addressed in the coming months is the legislative change that affects the links between savings banks and their
banking subsidiaries.
Massanell will hold the post without any executive functions. The board of Cecabank will be formed by José Luis Arregui (Ibercaja) as non-executive vice chairman; Antonio Ortega (Bankia); Francisco Javier García (Kutxabank); Manuel Azuaga (Unicaja); Joaquín Canovas (BMN); Jesús Ruano (Liberbank); José María Méndez (Ceca); Fernando Conlledo (Ceca); and the independents Santiago Carbó, José Gómez and María del Mar Sarro.
Massanell is a rising star within La Caixa Group, the country's leading savings bank. He is the CEO of its bank, Caixabank, and was recently appointed director of the bad bank or SAREB, representing the Catalan institution.
Cecabank's Board also approved the financial statements of the past year. In 2012, its financial business contributed a profit of €34.6 million. The bank, which was created last year, has equity of €705 million and a core capital ratio of 18.4%, more than double that required by the prevailing legislation and one of the highest in the sector.
Cecabank provides financial and technological services to all institutions, such as custody, treasury management, payment and consultancy services.
