MADRID Dec 21 Spain's Banco Popular
said on Wednesday its board had unanimously proposed Emilio
Saracho as chairman and agreed to hold an extraordinary meeting
in February for shareholders to vote on the proposal.
Popular, regarded as the weak link of Spain's banking
sector, said on Dec. 1 it would replace Chairman Angel Ron with
Saracho after shareholders rebelled as a result of his failure
to clean up 30 billion euros ($32 billion) of toxic
Spanish newspapers have speculated some board members close
to Ron could still push for a different candidate to replace
Ron had long maintained Popular was financially strong
enough to remain independent. Bankers and analysts say his
ousting could mark it as a potential takeover target and trigger
another phase of consolidation in Spain's banking sector.
(Reporting By Jesús Aguado; editing by Sonya Dowsett)