The two co-chairmen of Banco Santander Central Hispano are reported by press to have each engaged legal counsel in a fight to win control of the bank from the other. Attempts by the Central Bank and the Economy ministry to try and assist in finding a solution are said to have failed.
The terms of the merger between Banco Santander and Banco Central Hispano set Jose Maria Amusategui and Emilio Botin as joint executive co-chairmen until March 2002. At that time Emilio Botin becomes the sole executive chairman. He is also reported to be able to control a majority in any board vote because he holds a personal shareholding which is in addition to the even split of equity held by the two banks. The details of what the two disagree about have not been detailed.
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