Fernando Ulrich on the new board of directors of CaixaBank / Bankia

The operation will be executed through the merger by absorption of Bankia by CaixaBank, and must be approved by the general meetings of the two entities. The new entity will maintain the CaixaBank brand.

Cristina Bernardo

There will be a Portuguese in the board of the future largest Spanish bank domestically. Fernando Ulrich, Chairman of the Board of Directors of BPI, is proposed to join the future Board of Directors of CaixaBank, after the approval of the merger project between CaixaBank and Bankia.

BPI's historic CEO is considered the l'enfant terrible of bankers, because of his irreverence in public interventions, he is Chairman of BPI, held by Caixabank.

BPI is part of the CaixaBank Group, which, as of the end of 2018, now holds the entire capital of the Portuguese Bank.

The Board of Directors of the new bank that emerges from the merger will consist of 15 members, of which 60% will be independent.

Spanish newspapers say Gonzalo Gortázar will become CEO of the new bank and José Ignacio Goirigolzarri will be president.

The Boards of Directors of CaixaBank and Bankia yesterday approved the merger project to create the leading bank in Spain. The transaction will be executed through the merger by absorption of Bankia by CaixaBank, and must be approved by the general meetings of the two entities. The new entity, which will maintain the CaixaBank brand, will be the benchmark bank in Spain with over 20 million customers, a market share in loans and deposits of 25% and 24%, respectively, and a diversified and balanced geographical presence.

In a statement CaixaBank details that Fernando Ulrich, 67, had his first job in economic journalism, at Expresso, when it was founded and for two years. After serving in the OECD Delegation of Portugal in Paris (1975-1979), in the Ministry of Foreign Affairs (1979-1980) and as Chief of Staff to the Minister of Finance (1981-1983). In 1983, he joined the Portuguese Investment Society, BPI's predecessor, at the invitation of Artur Santos Silva, current Honorary President of BPI. In April 2004, and already as vice president of Banco BPI, Fernando Ulrich became executive president of the entity, a position he held until April 2017, when he assumed the chairmanship of the Board of Directors, at the invitation of the shareholder CaixaBank . Between 2009 and 2013 he was also President of the General Council of the University of Algarve.


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