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The choice of Turkish Onur Genç As CEO of BBVA, he fell like a bomb in the financial world for several reasons. In the first place, because there were other candidates with profiles a priori more appropriate. Secondly, because it's a boost from Francisco González to the bet of his successor to the presidency, Carlos Torres, for Turkey despite accumulated losses. And third, because do not speak Spanish, and directing thousands of employees without speaking their native language is very complicated.
"The election left with a nose span those who were in the front line of the estate, as Sáenz de Tejada (who could have been a CEO instead of Torres when Ángel Cano left), Asúa, Forcano or Parias"According to a source close to the bank, this looks like what happened with Rummy Aboukhair and José García Cantera when Santander chose Andrea Orcel.
No one expected Genç to be chosen because his merits, a priori, seem less than those of these candidates: despite his experience in retail banking and the digital transition to Garanti and the United States (a other unit challenged by the market), has not managed the two core markets of BBVA, Spain and Mexico. It has not been close to the decision center of the bank either and does not know its "device".
But maybe its The most important lack is the language, the fact that he does not speak Spanish: "It's a serious mistake: you can not lead thousands of people without speaking your native language," said another source close to the "no one's talking". entity, who remembers the bad experience of Donna De Angelis, former director of human resources who failed in her mission, among other things, not to master Spanish. She was fired by Torres in July 2016.
In his favor, Genç has an affinity with the new president: both are electrical engineers and have crossed this "factory" of managers, namely McKinsey.
Bet on Turkey against the wind and the tide
But, without a doubt, the most striking of the appointment is the support provided by FG to Torres international gamble: Turkey. As Bolsamanía published, the crisis of Garanti this summer questioned his rise to the presidency if BBVA had to leave the country with the tail between the legs as in China. For the moment, the waters have calmed down before blood reaches the river, but no one can rule out new episodes of instability in the country.
"Gonzalez says that he's going keep your bet against Turkey against all odds, although it will sink. It is supported and does not change, "says a banking badyst who believes that" the moment would be appropriate to sell Guarante with limited impact. Waiting can mean a lot more deterioration and you end up without a buyer. "
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