The president of Unicaja Banco, Manuel Azuaga, presented his resignation from the board of directors this Friday after more than seven and a half years at the helm of Spain's fifth largest financial institution.
Azuaga, who has had to deal with the internal war between the Malaga and Asturian blocs that broke out after the merger with Liberbank in 2021, is 76 years old and was now serving as non-executive president of Unicaja, after leaving his executive functions in September. , in accordance with the provisions of the integration.
His resignation will take effect once the supervisory no-objection of the European Central Bank is obtained and when the appointment, as president, of whoever will succeed him in said position is agreed, as Unicaja has informed the CNMV.
Azuaga has proposed to the board that, once the merger with Liberbank has been completed and the transitional period provided for therein has ended, it is the ideal time for him to take over his position and put an end to his career developed at Unicaja Banco since its incorporation in the year 2011, and in the entities that preceded it, since 1986.
The board of directors has thanked him for "his dedication and services provided" and, after becoming aware of the resignation, has agreed to activate the succession plan for the selection of the candidate to replace him. In the process, Unicaja will have the support of an independent consultant.
Manuel Azuaga ceased to have executive powers at Unicaja Banco last summer, as provided for in the merger agreement, which contemplated that these functions would be assumed by the CEO, a position that Isidro Rubiales has assumed since September, replacing Manuel Menéndez.
Azuaga had a mandate as a member of the Unicaja board of directors until 2025, since his last re-election as a director was in March 2022, a body he joined in December 2011.
The bank of Malaga origin has experienced important shareholder changes in recent months after the new stage began with the appointment of Isidro Rubiales and the loss of executive functions of the president.
Last August, the Oceanwood Capital Management LLP fund almost completely sold its stake in Unicaja, shedding 7.06% of the capital.
The Mexican investor Ernesto Luis Tinajero did the same thing a few days ago, who through Aivilo Spain, his holding company in Spain, sold off his entire 2.95% stake in Unicaja Banco for 74.52 million euros.
This movement was taken advantage of by businessman Tomás Olivo, the sixth richest Spaniard in the country, according to Forbes magazine, to gain weight in Unicaja.
Olivo, which had 6.74% of the capital, has become the second largest shareholder of the Malaga bank, exceeding 9%, after purchasing part of the shares sold by the Mexican Tinajero.
The businessman of Murcian origin, owner of the company General de Galerías Comerciales, which has, among others, the La Cañada shopping center in Marbella, in this way reinforces the right he already had to have a position on the board of directors.
In fact, Olivo could get the position on the board that corresponded to the Oceanwood Capital Management LLP fund and that is pending to be filled after the resignation of proprietary director David Vaamonde due to the decrease in the shareholding of that company, which now holds only 0.35%. of capital.
The Unicaja Banking Foundation is the largest shareholder of Unicaja Banco with 30.24%, followed by Tomás Olivo, with more than 9%, and Indumenta Pueri (the family that owns the Malaga textile group Mayoral), with 8.54%.
With its 7.47%, Norges Bank now becomes the fourth largest shareholder of Unicaja, ahead of the Caja de Ahorros de Asturias Banking Foundation, with 6.67%.
The insurance company Santa Lucía is also a significant shareholder of the entity, which last October once again strengthened its position in Unicaja, increasing its participation from 3.5 to 5%.
