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Bank charges: Santander CEO steps down after legal battle

Chief executive officer (CEO) of Santander, Alfredo Saenz, has stepped down following legal rows over whether he should keep his post.

Mr Saenz had previously been given a suspended sentence for filing a false claim against a shareholder.

Having gained a criminal conviction, a legal battle ensued over whether Mr Saenz should be allowed to keep his role at the biggest bank in the eurozone.

He launched the false complaint in 1994 and has been battling authorities over his role for more than a decade until he was finally convicted in 2009. At the time he was in charge of Banesto bank.

It is understood that Mr Saenz stepped down from his position voluntarily.

He has been succeeded by Javier Marin Romano. The 46-year-old has been working at the bank since 1991 and held several executive positions.

According to Reuters, a central bank source described Mr Saenz resignation "as a very positive decision for banking stability and for Santander".

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801578562-ADNFCR

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