The European Banking Authority (EBA) announced that it has nominated José Manuel Campa as its new chairperson.
The EBA said in a statement that Campa, who is currently the global head of regulatory affairs at Santander, was chosen from a shortlist of candidates compiled by its Selection Committee. He will now be invited by the ECON Committee to a public hearing later this month. Unless there is objection from the European Parliament within one month of his appointment, Campa will succeed Andrea Enria as the new chairperson, and will serve for a renewable five-year term.
Before joining Spain’s biggest bank in 2014, Campa was a professor of finance at a business school, and served as a junior economy minister in the Spanish government.
However, Reuters pointed out that the nomination might disappoint some European Union (EU) lawmakers who were hoping to see more women serve in some of the bloc’s top regulatory roles. There weren’t any females on the shortlist of three candidates considered by the EBA.
The announcement comes as the EBA preps for Brexit, which will force the banking authority to leave its London headquarters and set up its home base in the La Defense business district of Paris in June. The EBA is also trying to prepare the bloc’s banks for Britain’s departure from the EU. There are not only concerns over financial stability, but in making sure that smaller financial institutions are prepared for the possibility of Britain’s departure without a deal in place.
With that in mind, the EBA has told banks to get contingency plans ready, as well as educate their customers on how the Brexit situation would affect them. “The EBA is … calling on all financial institutions affected … to engage with their customers and provide adequate information on the risks and mitigating measures being taken,” one regulator said.