Unicaja, the fifth largest bank in Spain by assets, has recently undergone a major renovation of its leadership team. The bank faced economic instability in the past year, which hindered its growth. However, with new leadership, Unicaja is now ready to take firm steps towards a definitive takeoff.
The bank’s ordinary general meeting of shareholders approved the appointment of José Sevilla as an independent director and named him as the non-executive president of the bank. Isidro Rubiales was also appointed CEO, bringing experience from the conversion of Bankia. The new management team plans to update Unicaja’s business model to improve profitability while maintaining a low risk profile and commitment to sustainability.
During the shareholders’ meeting, it was also approved to pay 132 million euros in dividends, reflecting a 2.7% increase from the previous year. The bank is implementing a share buyback program to improve per-share metrics and dividend growth. Unicaja’s main focus remains on mortgage operations, public sector financing, and retail deposits. The bank aims to enhance efficiency, risk management, and digital banking capabilities to drive future growth and profitability.
In 2023, Unicaja Banco Group reported a net profit of 267 million euros, with a reduction of 4% from the previous year, excluding the impact of new banking taxes. Efforts were made to reduce non-productive assets and enhance profitability. The bank is now positioned to achieve its objectives for 2024, as outlined in the current Strategic Plan. Additionally, during the general meeting of shareholders Mara Luisa Arjon was re-elected as an independent director and Víctor Covin was appointed as an advisor on behalf of Caja de Ahorros de Asturias Banking Foundation.
Overall, Unicaja has successfully navigated through economic instability by updating its leadership team and simplifying its corporate identity. With new strategies in place and continued focus on core operations such as mortgage lending and retail banking deposits
