MADRID: Spanish bank Caixabank’s Executive Chairman Jose Ignacio Goirigolzarri is set to announce his resignation on Wednesday, newspaper La Vanguardia reported, citing several unidentified sources.

Even though the reshuffle at the top of Spain’s biggest lender by domestic assets may not have immediate effect, the name of his successor may be disclosed as early as Wednesday, the paper said. Caixabank, in which the state owns a 17.9% stake, was not immediately available for comment.

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Investment fund Criteria, which is the biggest shareholder of Caixabank with a stake of over 30%, was not immediately available for a comment either. Goirigolzarri was appointed Executive Chairman of Caixabank following the acquisition of Bankia by Caixabank in 2020.

His resignation would come a day before the lender is scheduled to announce third-quarter earnings and ahead of the release of a strategic plan expected on November 19.