President of Unicaja foundation is to step down amid controversy

His decision comes after pressure from all sides, criticised for holding an iron grip on the foundation

SUR MALAGA.

The long-time president of Fundación Unicaja, Braulio Medel, has announced he is stepping down. It follows pressure from all sides. Fundación Unicaja is a charitable foundation and the largest shareholder in Unicaja bank, the fifth largest in Spain. The foundation was born out of the old publicly owned local savings bank and is based in Malaga province.

Medel has been heavily criticised recently for his iron grip on the foundation, and the government had asked for an independent report on his leadership over "serious doubts" over his "business and professional honour".

In 2021 Unicaja bank merged with Liberbank, based in northern Spain, with Unicaja as the largest partner. One of the criticisms levied at Medel recently is alleged favouritism of the old Liberbank element of the new bank and undermining the Malaga roots. No date has been announced for his departure.