By Jesús Aguado
MADRID (Reuters) -The board of Spain's Bankinter on Wednesday said it would propose Gloria Ortiz as the bank's new chief executive officer, replacing Maria Dolores Dancausa, to oversee a more diversified revenue strategy.
Dancausa, who will cease holding executive powers, is to replace Pedro Guerrero as non-executive chair, the country's fifth-biggest lender by market value said.
Guerrero announced his intention to step down for personal reasons.
The changes will take effect from March 21, 2024, if approved by shareholders on that day during an annual general meeting.
The reshuffle comes as Spanish banks are still benefiting from higher interest rates that have prompted many lenders, including Bankinter, to lift their net interest income outlooks for 2023.
But with the positive effect of the repricing of mortgage loan portfolios - tied to variable rates - expected to finish at some point after mid-2024, some banks are now counting on other sources of income, such as private banking, and higher-yielding areas such as consumer lending.
Ortiz joined Bankinter in 2001 as financial controller. She since served as head of investor relations, chief financial officer, head of digital banking, technology and operations and - since 2021 - head of commercial banking.
Dancausa has been CEO of Bankinter since October 2010. She was responsible for integrating Bankinter's private banking in Luxembourg, acquiring Barclay's retail, wealth and insurance management businesses, and part of the corporate unit Portugal in 2022.
The lender also acquired the banking operations of Evo Banco and its Irish consumer credit subsidiary Avantcard in 2019.
On Wednesday, Bankinter said it had started the mandatory process for the European Central Bank to assess the suitability of the candidates.
Supervisors of euro area banks favour separating the roles of chair and CEO.