What is Alfredo Sáenz Abad's Net Worth?
Alfredo Sáenz Abad is a prominent Spanish businessman with a net worth of $120 million. He is best known as the former CEO and Vice-Chairman of Santander Group, the largest bank in the Eurozone and one of the largest in the world by market capitalization.
In addition to his roles at Santander, Sáenz has held significant positions in other major institutions, including Banco de Vizcaya, BDK Financial Group, and Banco Español de Crédito. Furthermore, he has made substantial contributions to academia, teaching at the University of Deusto, and has been an active member of various advisory councils and foundations.
Career
Born on November 21, 1942, Alfredo Sáenz Abad began his career as an Executive Manager at Tubacex S.A. in 1965, working with the stainless steel manufacturer until 1980. He transitioned into the banking sector in 1983, serving as the CEO and Chairman of Banca Catalana until 1988, then moving to Banco Bilbao Vizcaya as CEO and Chairman. In 1993, he took on the role of Chairman at Banco Español de Crédito and in 1998, became the First Deputy Chairman at Inmobiliaria Urbis S.A.
In 1994, Sáenz joined Banco Santander's board, rapidly ascending to the positions of Vice Chairman and CEO by 2002, roles he held until 2013. Under his leadership, Banco Santander expanded significantly, acquiring multiple banks and establishing itself as a global banking powerhouse. He stepped down as CEO in 2013 amid a prolonged legal dispute with the Bank of Spain, dating back to 1994.
In 2012, Sáenz was recognized as the second-best CEO in European Banking, underlining his leadership role in Banco Santander's designation as the Best Bank in the World by Euromoney magazine.
After retiring from Banco Santander in 2013, Sáenz received an €88 million retirement package. By February 2016, he had become the president of BDK Financial Group, founded by Alberto Cortina and the parent company of the Bank of Dakar. Shortly afterward, he acquired a 5% stake in BDK Financial Group.
In addition to his practical banking career, Sáenz taught at the University of Deusto from 1965 to 1984. He was active in the International Academy Of Management, the European Advisory Council at Air Products & Chemicals, the International Advisory Board at London Business School, and chaired the European Financial Management & Marketing Association. He also contributed to various foundations, including Foundation Conde de Barcelona, Foundation Empresa y Sociedad, Foundation Cruz Roja Española, and Foundation Ayuda Contra la Drogadicción.
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Accolades
Throughout his career, Alfredo Sáenz has received numerous accolades. In 1998, he was awarded Spain's Gold Medal for merit at work. In 2006, AT Kearney honored him with the Manager Award for the best manager in financial institutions. By 2012, he was voted the second-best CEO of European banks, according to Institutional Investor magazine, with the recognition coming from over 1,470 analysts across 150 companies.
Ban
In 2011, the Spanish Supreme Court imposed a three-month ban on Sáenz from working as a banker following a prolonged legal battle with the Bank of Spain. This stemmed from a 2009 conviction for making false accusations against supposed debtors to Banesto, leading to their temporary imprisonment in 1994. Despite this setback, Santander announced an appeal against the decision, allowing Sáenz to continue working.
If the conviction had stood, Sáenz would have lost his job. Instead, he negotiated a deal that converted his prison sentence into a pardon and reduced the penalty to a nominal fine. However, in February 2013, the Spanish Supreme Court ruled that the government overstepped its authority in pardoning him, prompting the Bank of Spain to reopen the case.
Faced with potential industry ban, Sáenz opted to retire in 2013, thus avoiding further legal consequences.
