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March promotes Alberto del Cid as CEO of Inversis after his frustrated sale

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Change of stickers between Banca March and Inversis Banco. The board of directors of March has proposed to the Board of Directors of Inversis (100% investee) the appointment of Alberto del Cid as its next CEO. Del Cid is the current chief financial officer of March and its move to Inversis launches a message of commitment to the wholesale bank after its frustrated sale last year. He will replace Javier Povedano in the position, who will play a relevant role in the March digitalization process.

In February 2019, March ruled out the sale of Inversis due to low offers He received and announced his intention to seek new partners. In the repositioning of Inversis, points such as jump to Europe and Latin America or access retail investors. As Bolsamanía published last week, Inversis will also offer omnibus accounts to Spanish funds before summer.

For its part, Povedano has been appointed director of the Media area de March, a position that brings together the units of Technology, Transformation Projects and Innovation and Operations, and will also join the executive committee of the Mallorcan bank. He will lead this area in substitution of Juan Carlos Segura, who will soon retire after 36 years at the bank. March intends to take advantage of the technological and operational knowledge that Povedano has treasured during these years in Inversis to use it on its own Digitalization process, one of the pillars of its current strategic plan.

These appointments are part of a Bank transformation process that began in 2016, supported by internal promotions. Del Cid has been working for March for more than 20 years, which aims to become “the reference entity in Spain in private banking and business advice”. The next CEO of Inversis has held positions of responsibility in March as director of Treasury, director of Private Banking or general manager of the asset manager, among others. Regarding Inversis, the Balearic group affirms that “it is the reference company in Spain in offering global technological investment and financial services outsourcing solutions to financial entities”.

OTHER INTERNAL PROMOTIONS

Nieves Vila, the current director of Global Risk Control for March, She will be the new financial director – instead of Alberto del Cid – and will be part of the entity's steering committee. On the other hand, Juan José Murcia, until now Director of Audit, will be the new director of the Credit Risk area of ​​March after the next retirement of Valentín Sánchez.

In addition, Juan Manuel Soto, who was appointed as independent director of March Asset Management last September, has been appointed as the new CEO of the management company. He replaces José Ramón del Caño, who is still secretary advisor to Corporación Financiera Alba, 15% owned by Banca March.

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