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Santander has lost his long-running feud with Andrea Orcel over his decision to appoint Italian banks as his boss, and he is expected to pay him € 68m in compensation, a Spanish court has ruled.
A court in Madrid on Friday handed down its verdict in a series of high-profile cases, relating to the bank’s decision to withdraw its offer to Orcel in 2018.
The decision may be appealed in the next 20 days. But the court’s decision was particularly harsh for Ana Botín, Spain’s chief lender, whose tenure was preceded by a first-choice decision to hire Orcel, who was a secret to his family, and then left, to fight legal battles.
The court ruled that both parties had signed a treaty that was deemed to be “legitimate”, which was violated by “unity” and unfairly by the bank in violation of the contractual rules and therefore to be compensated.
The fines ordered in Santander include € 10m “damage to morals and records” in Orcel as well as contract items such as pay and bonuses and interest from the date of interest.
“I think it’s a pity that we are where we are but if people just look at the facts and the court’s findings are clear,” Orcel told the Financial Times before the court ruling on Friday. .
A spokesman for Santander stated: “We do not fully agree with the decision. Santander is confident that we will appeal well because we were in the middle of two of the cases that the courts have already discussed. “
The dispute between Europe’s most well-known banks and Santander, his former client while working for UBS and Merrill Lynch, has been one of the biggest disputes between European banks.
Orcel said the bank’s refund of the decision made in September 2018 was a breach of contract. In a dispute that the court rejected, Santander argued that Orcel’s letter did not match Spanish law.
The case was postponed several times, including in March, when a judge was required to appear alone in court on charges of possession of a Covid-19. It also cited evidence from Axel Weber, chairman of UBS, and Botín.
Orcel became the CEO of UniCredit, Italy’s second largest lender, in April.
Orcel said he hoped the case would resolve the issue. “I hope it’s over and we can all turn the page. [Santander] and in the past and I look forward to UniCredit 150%. ”
UBS declined to comment.
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