U.K. bank Barclays PLC plans to hire Spain's former finance minister, Pedro Solbes, to the board of its Spanish unit, a spokesman for the bank in Madrid said Monday.
Mr. Solbes will also advise Barclays on European banking industry issues such as regulation, a person familiar with the matter said.
Barclays will propose Mr. Solbes for its board at a meeting June 13, the spokesman said.
Mr. Solbes, 68, was intimately involved in the creation of the euro currency as European commissioner for economic and monetary affairs from 1999 to 2004. He was then named Spanish finance minister in the Socialist government of José Luis Rodríguez Zapatero, a post he held until 2009.
Barclays is in the process of reducing its retail banking operations in Spain by shutting 120 branches and cutting 700 jobs. The bank is trying to refocus the business, which was hard hit by the collapse of the country's real estate sector in 2008, towards wealthy clients.
A few months ago, Barclays hired former Bankinter SA Chief Executive Jaime Echegoyen as CEO.
The hire of Mr. Solbes was reported earlier Monday by Spanish financial daily Expansion.
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