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Santander hires Ex-Bankia Chief Rato

Source: El Pais - Sat 21st Sep 2013
Santander hires Ex-Bankia Chief Rato

Banco Santander has hired Rodrigo Rato - who was chairman of Bankia shortly before it was nationalized - for its international advisory committee.

Bankia was taken over by the Bank of Spain in May 2012 and subsequently needed an injection of €22.424 billion in taxpayer money to restore its balance sheet. Rato - who was economy minister under former PM José María Aznar and subsequently the managing director of the IMF - faces, along with other former members of Bankia's board, possible charges of fraud, false accounting, criminal mismanagement and misappropriation.

Rato previously worked in a similar role in Santander prior to joining Bankia and received €200,000 a year for his services.