Today is held in Madrid the trial that must resolve more than two years after the frustrated signing of Italian

Andrea Orcel

as CEO of Banco Santander.

In a room of the Superior Court of Justice of Madrid, when Orcel appeared, although his statement is not scheduled today, the head of the Spanish entity,

Ana Botín

and the now CEO of Unicredit.

"I come out of respect for the judge," said the banker who was claiming 112 million from Santander or his reinstatement in statements to Expansión at the beginning of the trial.

The Italian's lawyer has confirmed at the beginning of the process that his client has renounced his initial claim that Santander comply with what was agreed in his contract, that is, his incorporation as CEO.

Orcel has reduced to 76 million euros the compensation that it will claim from Banco Santander for having reversed its appointment as CEO in 2019, sources close to the process confirmed to Europa Press.

Almost two years after Orcel took legal action against Santander for his failed signing, this Wednesday the oral hearing will be held in a Madrid Court, after a postponement due to a close contact of the judge and another due to problems with the lawyers' agenda .

In his initial letter, Orcel demanded that Santander comply with the contract (which does not seem compatible with his new position as CEO of UniCredit) or compensation for damages of almost 112 million euros, including the salary that he stopped receiving. then in UBS and the one that could have received in the Spanish bank.

T

The Italian cited as witnesses the former director of Human Resources of Santander, Roberto di Bernardini; UBS Global Director of Compensation Mark Shelton and UBS President Axel Weber. After trying to testify online, the two UBS executives presented medical reports to avoid having to appear in Madrid due to the coronavirus pandemic, which were accepted by the Court, which is why Orcel withdrew his testimony, according to legal sources.

On behalf of Santander, the president of the group,

Ana Botín will testify as a representative of the bank

.

In addition, the Secretary General and Secretary of the Board of Santander, J

aime Pérez Renovales,

has been summoned as a witness

.

The Spanish entity will argue that Orcel's contract was never formalized as the conditions to which it was subject were not met, and that it was only a letter with the conditions of the offer.

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