Ernesto Luis Tinajero Flores used his line of credit again city. Mexican investor committed $9 million, prompting U.S. firm to demand new stock guarantees Unicaja Bankwhere the entrepreneur owns just under 3% of the capital. Last November, the director of the Andalusian venture established this funding line, which replaces the one that was with Santander at Liberbank before the merger.
it’s about your favorite operative since he has Spanish stocks: mortgage them to get liquidity banking, that is, put them as collateral for loans. November 3, 2021 Ivilo UKsubsidiary of Tinajero, signed such a contract with Citibank in exchange for “collateral for a securities account into which you will deposit shares issuer [Unicaja] his property based on the credit reserves he makes,” according to a message sent to CNMV.
On March 17, Tinajero got rid of an additional $9 million and transferred 16.5 million shares of Unicaja Banco to a pledged securities account, that is, about 0.62% of the capital. This account has accumulated 30.5 million titles as collateral for a debt purchased by a Mexican or 1.1% Andalusian bank capital. In the event of default on the aforementioned loan, Citi will retain these shares.
According to La Información on February 11, the position of a Mexican on the board of directors of Unicaja was questioned by the leadership of the Malaga-based organization due to the need to give permission to the governing body to Pueri clothing (Mayoral), owned by the Dominguez family, which owns 8% of the capital compared to 2.9% held by Tinajero. However, the American defended his presence on the council with legal reports until the expiration of his term in 2024.
Operations with bank shares are not going well was not even when the subject of pledge was the securities of Liberbank. The Asturian bank suffered from high volatility in the stock market due to this type of move and the hedge fund move. oceanwoodwhich became the largest shareholder of the bank prior to its integration with Unibox.
After the merger, the controversy did not leave the sixth bank of the Spanish stock market. Next March 31, Unicaja Banking Fund plans to ratify its four councilors after The flight of independents experienced by the bankas reported by this newspaper on Friday.
Andalusian Foundation controls 30% of the capital, and then Dominguez from 8% and oceanwood from 7.4%. With 6.5% is the Sberbank Fund Asturiasand real estate Thomas Olive he has 5.2%. Tinajero is one of the institutional companies that fell below 3% after diluting in a merger swap.
With this percentage of votes, the Unicaja Foundation wins the support of its four Sunday newspapers: Juan Fraile, Maria Teresa Saez, Petra Mateos-Aparicio and Manuel Muela and presidential re-election Manuel Azuaga. But the chairs of the independents after the resignations remain in the spotlight. Ana Bolado, Manuel Gonzalez Cid and Manuel Conte. The controversy has gone beyond the organization itself, and leaders remain vigilant about what’s going on on Unicaja’s board.
First Deputy Prime Minister, Nadia Calvinoasked on Friday during his visit to Malaga Film Festival that you must adhere to the letter Protectorate of banking funds referred to Unicaja Foundation which questions the position of Braulio Medel, former president of the organization and current head of the foundation. It all stems from complaints from the Interindical Confederation of Credit Unions (CIC) about alleged unfair administration. Calvinho recently reported that both the ECB and the Bank of Spain “very concerned about drift in management” at Unicaja Banco.
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