Oliu will leave his executive duties at Banco Sabadell with the arrival of González Bueno as the new CEO

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The Chairman of Banco Sabadell, Josep Oliu, will leave his executive duties with the incorporation of Casar González Bueno as the new CEO to replace Jaume Guardiola, who retires after thirteen years as chief executive of the entity. The information has been advanced by the newspaper El PaÃs.

The changes in the leadership of Banco Sabadell take place a few weeks after the merger negotiations with BBVA failed due to economic disagreements and the bank of Catalan origin decided to go ahead alone.

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Oliu, 71, more than a year ago announced his intention to leave executive functions following the recommendations of the European Central Bank (ECB), a step that will finally be taken with the arrival of González-Bueno to the entity.

The bank will hold its board of directors today, in which it is expected to approve the replacement of Jaume Guardiola, who is retiring at 63 after thirteen years in tandem with Oliu at the head of the group of Vallesan origin.

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The new CEO of Sabadell will be César González Bueno, former head of ING in Spain and Portugal and current director of the British division of Sabadell, TSB.

Guardiola is expected to continue as the group’s chief executive until the first quarter of 2021, when the ECB approves the replacement. It will be then that Oliu will step back and hand over executive functions to González-Bueno, who will take over the reins of the bank at a difficult time for banking, marked by low interest rates and COVID-19 crisis, which will increase delinquencies in 2021.

In this context, Banco Sabadell plans to move forward alone and intends to develop a new business plan which will prioritize the domestic market, with which it could consider selling TSB, its British subsidiary, which has given it more of a headache these years, such as its technological adaptation, and even divest itself of its business in Mexico.

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