Spanish bank Santander's Americas chief quits

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The head of operations in the Americas for Spain's biggest bank Santander resigned on Wednesday, said the company, which owes him a pension of 59 million euros.

"Francisco Luzon has announced his voluntary resignation as an executive board member of Banco Santander and head of the bank's Americas division," said Santander, the eurozone's biggest bank by market capitalisation.

According to its annual report for 2010, Luzon had accumulated a pension of 59.95 million euros ($77 million) plus 9.9 million euros' worth of other bonuses.

"The bank wishes to express its recognition of the extraordinary work Francisco Luzon has carried out in his 15 years as an executive board member," Santander said in a statement.

It cited in particular "his work in the Americas Division, which was crucial in building the franchise in Latin America."

When he joined that division in 1999 it logged profits of 546 million euros, growing to 4.8 billion in 2010.

He is replaced at the head of the division by Jesus Zabalza, another senior executive vice president, the statement said.

Spain's banking sector has undergone a major restructuring after it was shaken by the collapse of a housing boom in 2008.

Figures from the central bank on Wednesday showed the level of bad loans held by Spanish banks hit a new 17-year high in November, a fresh sign of weakness in the battered sector.

Picture: Jesus Zabalza in Luque, Paraguay (AFP)

© 2012 AFP

1 Comment To This Article

  • keith posted:

    on 7th March 2012, 16:25:18 - Reply

    ...this is why there is such antagonism to the Bankers. After just 15 years he has accrued a pension of 59 million Euros, 10 million euros in other benefits!!

    It certainly appears that the recession only affects "Real People" who work for 40 years plus to get 1 per cent of the pension entitlement that this "Fat Cat" is going to enjoy...

    .. that is, if the "Fat Cats" havent already syphoned off the Pension Funds to keep their own operations afloat