Bizum will reorganize its board after the departure of the two members of Bankia

Santander assumes the rotating presidency of the company for the next two years that BBVA held until now.

A user opens the Bizum application on her phone.

The Bizum board of directors It is undergoing several changes and will update its composition soon. For the moment, the two vowels he had Bankia, after its integration into CaixaBank, are no longer part of the management body of this company created by Spanish banks.

Bankia was one of the founders five years ago of Payment Procedures Society, the company promoted by the largest banks in the country to launch its first major joint technological project: Bizum, the instant transfer tool that already has more than 15 million users and that can be used by the clients of some thirty entities.

The bank now defunct after the merger with CaixaBank entered the company with a stake of less than 10%, for which it maintained the presence of two members on its board of directors.

However, after the legal integration of both banks, closed at the end of March, Bankia representatives have left the board of this company, whose composition will be updated soon in the framework of this new situation, as Invertia has learned.

Currently, CaixaBank, which has been present in the capital of this company since its foundation with a participation close to 23%, has two seats on the board, held by Juan Morlá, from CaixaBank Payments, and Juan Antonio García Gálvez, sGeneral Director of Banking Services at CaixaBank, who was the first president of the company.

Rotating presidency

Until now, Bizum’s board consisted of 12 members, of which two corresponded to CaixaBank, two to Santander, two to BBVA, one to Sabadell, one to Kutxabank, one to Ibercaja, one to Rural Box and another two to Bankia, whose exit encourages the reorganization. In addition, two representatives of Broseta they hold the positions of secretary and deputy secretary, both not directors.

At the head of the management body, a presidency with a rotating shift was established at the time of its foundation, which in the next two years will occupy Santander through one of your representatives in the company, Francisco Fernández Cue.

Ángel Nigorra, general director of Bizum.

Ángel Nigorra, general director of Bizum.

This executive, who in Santander holds the position of Director of Payment Methods, was already part of the company’s board and will from now on replace the presidency of Roberto Pagan, Director of Means of Payment and Financing of BBVA.

The board of directors has recently joined Cooperative Social Credit Bank, which will be represented by Juan Felipe Vargas. In addition, Elena Grande (Santander) and Ignacio Otto (Ibercaja) have recently ceased as members of the council.

For their part, Fernández (Santander), Pagán (BBVA), María del Mar Gil (BBVA), Inés Monguillot (Kutxabank) and Alfonso Ayuso (Sabadell) have been re-elected as board members.

Society experiences a third important change these days: the modification of its corporate name. The company is now called Bizum SL, abandoning the name with which it was baptized five years ago: Payment Procedures Society. The company was born from a joint investment of the country’s main banks of about 100 million euros.

Make a Bizum

Beyond advice, the company is run by Angel Nigorra, which arrived at Bizum in October 2016, at the time of its foundation, from EURO6000, where he had also been general manager.

Since then, the firm has experienced a real boom, joining the daily life of millions of Spaniards, who already refer to this payment method as “Make a Bizum”.

Driven by the rise of electronic money and the ease of its use, Bizum already registers more than 15 million users (one and a half million have joined in the first quarter of the year) and accumulates in these five years of life more of 370 million operations carried out, with an associated volume of 18,000 million euros.