Top banker Orcel and Santander head to court over disputed CEO offer

A hearing pitting Andrea Orcel against Santander SAN.MC over the withdrawal of an offer to make him chief executive began on Wednesday with the Italian banker and the Spanish bank’s chairman Ana Botin both present at the Madrid court.

Following are some of the key quotes from the hearing:

SANTANDER CHAIRMAN ANA BOTIN

“We were negotiating the buyout figure until December, and there were different positions within UBS’ board.”

“The buyout figure was not agreed, the maximum figure was set and the board decided to communicate the appointment on the basis that the overall package would be in line with the market. But the board did not approve the buyout figure”

“Context is what matters. The opinion of some of the board, or one board member is not the position of the board, not if it’s about something important, something which must go to the shareholders. That’s how these informal exchanges should be understood.

SANTANDER LAWYER JOSE MIGUEL FATAS

“What Orcel is saying now is ‘I should be compensated for what I have lost from UBS’, which has never been sought in this claim, and this party considers it is not part of the claim.”

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