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Date 17/08/2001
Companies BANCO SANTANDER CENTRAL HISPANO -
Subject Jose Maria Amusategui resigns from BSCH
 
  Jose Maria Amusategui has resigned as co-chairman of Banco Santander Central Hispano and also as director and member of the bank's executive committee. He is to be made honorary chairman, a strictly non-executive role. There was considerable relief at the action as the strong disagreements between Jose Maria Amusategui and fellow co-chairman Emilo Botin were well known and interfered with the management of the bank. Last month it was rumoured both co-chairman had taken legal advice over their position within the bank because of these disagreements.

Jose Maria Amusategui was the former chairman of Banco Central Hispano and Emilo Botin former chairman of Banco Santander. Under an arrangement made at the time of the merger Amusategui would have resigned next year on the occasion of his 70th birthday in any case. There are differing views of Botin. Some describe his style of management as visionary, professional and determined to gain the right result, whilst others describe him as autocratic. It is generally agreed that he addresses issues openly and more directly than is common in the country. A concern remaining is that Angel Corcostegui, CEO, is considered as close to Amusategui and therefore some wondered how smoothly he will work with Botin now Botin is in sole charge.
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