16/10/2012 01:15:00

Spanish Court Bars Santander CEO From Banking

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The Criminal Hall of Spain's Supreme Court has ordered that the Bank of Spain to disqualify Santander's current chief executive officer, Alfredo Saenz, from banking, reports El Mundo in its Tuesday Internet edition, citing a court ruling.

Late last year, Spain's previous administration had granted Saenz a partial pardon, commuting a three-month prison sentence and a temporary ban from working as a banker to a fine instead.

But the Supreme Court ruling says that in no case can a pardon erase the Spanish banking regulation that requires bankers to maintain their "honorability," a quality that is lost when there are criminal records, like in Saenz's case, the paper adds.

The case dates back to 1994, when Saenz was head of Banco Espanol de Credito SA (BTO.MC), or Banesto. He was found guilty by a Barcelona-based court in 2009 of making false criminal accusations. He then appealed to the Spanish Supreme Court, which also ruled against him.

Newspaper Website: www.elmundo.es

Write to Enza Tedesco at enza.tedesco@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

October 15, 2012 20:15 ET (00:15 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

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