Deutsche Bank Replaces Spain CEO Amid Revamp of Europe Units
Deutsche Bank Replaces Spain CEO Amid Revamp of European Units
(Bloomberg) -- Deutsche Bank AG appointed a new chief executive officer for its Spanish unit amid a revamp of its operations in several European countries.
Inigo Martos will replace Antonio Rodriguez-Pina in July, the bank said in an internal memo seen by Bloomberg and confirmed by a spokesman. Martos will also become head of the lender’s retail and wealth management unit in the country in January. Rodriguez-Pina will now “focus” on his role as chairman of the Spanish subsidiary.
“We have found an outstanding chief executive officer to take our business in the Iberia region to the next level,” Deutsche Bank’s head for Europe, the Middle East and Africa, Claudio de Sanctis, said in the memo. “He possesses all the skills and attributes needed to run our business as we strive to become the leading financial institution for entrepreneurs and their families.”
De Sanctis is also head of the Deutsche Bank division overseeing its retail branch network outside Germany. That unit is currently undergoing a shift from servicing retail clients to a stronger focus on affluent clients that will result in cuts to the number of branches in Spain and Italy, he told Bloomberg in a recent interview.
But Deutsche Bank’s Spanish operations have been rocked by an internal investigation into alleged derivatives mis-selling in the country that has played a role in the departure of several employees and senior executives from the lender, Bloomberg News has reported. The bank is facing claims from dozens of Spanish companies linked to the issue, including a lawsuit over 500 million euros ($563 million) from the hotel chain Palladium Group.
Rodriguez-Pina has been at the helm of Deutsche Bank’s Spanish business since 2004. Martos joins from Credit Suisse Group AG where he has worked since 2003. He was named head of the lender’s Spanish private banking unit earlier this year but resigned earlier this month, prompting the Swiss lender to name a temporary replacement.
Deutsche Bank also announced that Fernando Sousa, Spanish private and retail banking head, will retire at the end of January.
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