BANKING

Santander hires ex-Bankia chief Rodrigo Rato for international advisory committee

Former IMF managing director was chairman of lender shortly before it was nationalized

Former IMF chief and ex-Bankia chairman Rodrigo Rato.
Former IMF chief and ex-Bankia chairman Rodrigo Rato.ÁLVARO GARCÍA

Leading Spanish lender Banco Santander has hired Rodrigo Rato - who was chairman of Bankia shortly before it was nationalized - for its international advisory committee.

Bankia was taken over by the Bank of Spain in May 2012 and subsequently needed an injection of 22.424 billion euros in taxpayer money to restore its balance sheet. Rato - who was economy minister under former PM José María Aznar and subsequently the managing director of the IMF - faces, along with other former members of Bankia's board, possible charges of fraud, false accounting, criminal mismanagement and misappropriation.

Rato previously worked in a similar role in Santander prior to joining Bankia and received 200,000 euros a year for his services.

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