The financial director of Bancaja, now part of Bankia, could be in line for a €14 million payout when he leaves the organisation.
Aurelio Izquierdo left Bancaja in October 2011, ceasing to be part of the senior management of Bankia, and became the CEO of the Bank of Valencia until the Bank of Spain was forced to intervene. He then returned to Bancaja to become the Chief Financial Officer.
If he opts for early retirement, Aurelio Izquierdo could walk away with almost €14 million in compensation.
This seems not unlike the situation in other countries where banks have had to be bailed out due to mismanagement but the senior (mis)managers have walked away with millions in bonuses or other payments.