ECB gives green light to BPI financial board

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The European Central Bank (ECB) has accepted the new financial board at Portuguese bank BPI after having rejected the first list.

The new team will be led by the former president of the competition authority AdC, Manuel Sebastião.

The bank, led by Pablo Forero, had to hand in a new list to the regulator after the first list proposed by the General Shareholders Assembly was rejected by the regulator. This assembly will be led by Manuel Sebastião.

In April, the ECB headed by Mario Draghi, turned down the list of names proposed by Spanish CaixaBank, owner of BPI, for the financial board without indicating the reasons that led them to reject the names presented to comprise the bank’s audit committee. The solution was to retain the existing members of the supervisory board.

The new team, now approved by the ECB, will be headed by the former president of the Competition Authority, Manuel Sebastião and will include Elsa Roncon, former director-general of Treasury and Finance and Ricardo Pinheiro and Rui Guimarães as audit board members.