June 15, 2017 / 1:21 PM / a month ago

Head of failed Spanish bank re-elected to IAG board

2 Min Read

MADRID, June 15 (Reuters) - Emilio Saracho, former chairman of failed Spanish lender Banco Popular, was re-elected on Thursday as a non-executive director at IAG, the owner of British Airways and Spanish airlines Iberia and Vueling, despite some local opposition.

About 400 retail investors in Popular have asked Spain's Anti-Corruption Prosecutor's office to investigate whether Saracho and another board member misled the market and was partially responsible for the bank's fall.

Popular was rescued by Spain's largest bank Banco Santander in early June after it was acquired for a nominal 1 euro, though shareholders and junior bond holders lost their investments.

"If Saracho had any integrity ... what he would do right now is resign his position, and give up any chance of the post's renewal," said Javier Sotos Garcia, representing a group of IAG shareholders.

The group voted against Saracho's re-election, which was approved at the annual shareholders meeting in Madrid on Thursday.

Saracho is also a member of the board of fashion retailing giant Zara's owner Inditex. (Reporting by Robert Hetz; Writing by Paul Day; Editing by Angus Berwick, Greg Mahlich)

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