The council of the BBVA has approved a restructuring of its senior management following the appointment of Carlos Torres as executive chairman and Onur Genç as the ceo.
The changes affect a total of ten directors, which change of responsibility to take on new roles or take charge of some of the areas created by the entity to drive its restructuring digital. It is in any case of internal movements between addresses and / or promotions from the second to the first line of the entity.
Francis Gonzalez, for his part, has been appointed honorary president of the bank and its foundation, after 18 years of leading BBVA.
“We have completed a succession well-planned, focused on the internal talent ygarantiza the continuity of our transformation project,” said Torres, Vila, yet ceo to the expectation that the changes approved today by the board receive the approval of the regulator.
The bank also elaborates on the separation of powers between its two main executives. The president shall be responsible for the management and proper functioning of the Board of Directors, the supervisory functions of the management, the institutional representation of the institution and the leadership and momentum of the group’s strategy and its process of transformation, as explained by the company in a material fact submitted to the CNMV.
For his part, the chief executive officer, will be responsible for the ordinary management of the business, reporting directly of its functions to the board of directors.
“The strength of BBVA is his team, and that that is reflected in the new structure,” said Onur Genç, the current responsible entity in EE.U.S. waiting for approval of the changes.
the restructuring of The bank opens a new stage in the entity under the tandem Towers-Genc, two principals who share their step by the consulting firm McKinsey in their first years of professional activity.
once you have made your team, your next mission will be to design a new strategic plan that sets the strategic lines of the bank for the next few years, although until now the line followed by the entity is that it is not public. In any case, sources of the entity waiting for a line continuation around the digitization of the group.
Torres was engaged since 2008 in the management of the business of the group and has been one of the architects of its transformation, internal and external. The entity expects to close this year with 50% of sales made through digital channels and more than 25 million customers online.
The executive in salamanca you will also have to cope with a good number of challenges in its management as the economic situation of some of the markets in which the bank operates -mainly Turkey and Venezuela – or the increase of margins after the hardening of the sectoral regulation and the collapse of interest rates. Another of the objectives of the new president and his number 2 goes to retrieve the Stock market value of the entity, very impaired by the recent financial crisis and the pressure on the sector. Its shares traded today to 4,65 euros, 30% less than a year ago.
But perhaps the biggest challenge of the banker passes by adapting the bank to the new scenario of digital competence with the rapid development and penetration in the financial field of tech giants and telecommunication companies. In a meeting on the financial sector, held recently at Iese, the Towers are referred to this new “digital ecosystem” as an opportunity rather than a threat. “Our purpose is to put within the reach of all the opportunities of this new age that we are, and this is the path to follow,” he said.
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