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Former president of Bankia named advisor for Telefonica
MADRID, Jan 04, 2013 (Xinhua via COMTEX) --
Former president of Bankia, Rodrigo
Rato, was named on Friday as advisor within Spanish telecoms giant
Telefonica's boards for European and Latin American businesses.
Telefonica, which is the largest telecommunication's company in
Spain, said this decision will contribute to "reinforce the global
vision of Telefonica."
Rato, who worked as chief of Bankia from September 2011 to May
2012, is under investigation along with 32 other Bankia board
members over alleged fraud and price-fixing among others.
Bankia, which is the fourth largest bank in Spain, was created
in 2010 as a result of a merger of seven saving banks.
It is being bailed out by the state for some 18 billion euros
(about 24 billion U.S. dollars) from a rescue fund set up by the
17 European Union nations that use the euro.
Apart from Bankia, Rato worked as managing director of the
International Monetary Fund (IMF) between 2004 and 2007 and was
Spain's Minister of Economy between 1996 and 2004.
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