Fernando Fernández, general director, will receive between 600,000 and 800,000 euros for his departure, while Pablo Díaz is still in charge.

Fernando Fernández, general director, will receive between 600,000 and 800,000 euros for his departure, while Pablo Díaz is still in charge.

Fernando Fernández, general director, will receive between 600,000 and 800,000 euros for his departure, while Pablo Díaz is still in charge.

Logo of the Swiss entity UBS.

First victim of the acquisition of the private banking business of UBS by Singular Bank. The number two of the Swiss bank in Spain and CEO, Fernando Fernández, left the entity yesterday, just two weeks after the announcement of the operation.

As confirmed by EL ESPAÑOL-Invertia with financial sources familiar with the process, Fernández will receive a compensation for his departure from 600,000 and 800,000 euros, a figure that, although high, will be lower than the one that had been agreed upon at first, at least in his case.

The chief executive of UBS Spain and country head, Pablo Díaz, for now, is still in charge managing the transition, indicate these sources. However, as this newspaper advanced, his future departure is also presupposed, as everything seems to indicate and is usual in these processes. There is talk that he could receive up to three million euros when the time comes. In any case, the UBS group has declined to make any kind of comment.

Fernández has always been linked to the human resources department, first at Johnson & Johnson EMEA and, later, at Banco Santander de Negocios, where he worked from 1989 to 1999.

His debut at UBS took place in 1999as General Manager and Head of Human Resources, where he has remained for nearly two and a half decades.

retention bonuses

On the other hand, UBS Switzerland has already offered its team of 60 Spanish bankers a retention bonus of 50,000 euros for team leaders and 30,000 euros for ‘low’ bankers with the aim of not leaving the competition together to its clients while obtaining regulatory approvals for the integration of the business of wealth management in the private bank that he directs Javier Marinand that in this way the sale is not reversed or its final price is lowered.

The transaction is expected to be completed in third quarter of 2022. This would be a first part of the bonus (the one paid by UBS Switzerland) or a first bonus that those UBS bankers who choose to stay will receive, since there would then be a second part or a second bonus paid by Singular once such approvals are obtained.

Adminartua

Leave a Reply

Your email address will not be published.