Santander hires former IMF chief Rato as global adviser 14/01/2008 00:00

Spain's largest bank Santander said Friday it had appointed Rodrigo Rato to its international advisory board.

14 January 2008

MADRID - Spain's largest bank Santander said Friday it had appointed former managing director of the International Monetary Fund, Rodrigo Rato, to its international advisory board.

The post is a non-executive one. Rato will advise the board of directors on the design, development and execution of Santander's global strategy. Rato will receive a salary of EUR 200,000.

Rato will combine his new position at Santander with the post he is taking up at US merger advisory firm Lazard.

Lazard announced in December Rato would be joining the firm as a senior managing director of investment banking from February.

Rato unexpectedly stepped down as IMF head at the end of October last year before his mandate had ended. He cited personal reasons for doing so.

There had been speculation he might re-enter the political fray in Spain, with general elections due in March. Rato served as economy minister in the conservative Popular Party government for eight years. He was also a member of the Spanish parliament between 1982 and 2004.

[Copyright EL PAÍS / Adrián Soto 2008]

Subject: Spanish news