By August, WiZink's result had turned positive, according to bank sources, but the bank remains under pressure from legal claims and an open deal with Unicaja. Joaquim Saurina takes executive control after Iheb Nafaa's departure.
By August, WiZink's result had turned positive, according to bank sources. The bank still reported a net loss of 3.07 million euros for the first half of 2026. Joaquim Saurina has taken executive control after chief executive Iheb Nafaa resigned.
WiZink says its five-year strategy will not change. The immediate goal is still a return to profit. Talks with Unicaja over selected businesses remain open.
Nafaa's departure was attributed to personal reasons. The bank informed its workforce this morning. WiZink has rejected any link between his exit and the Unicaja talks. Those discussions began months ago and were confirmed in spring by the Málaga-based bank. Europa Press reported that the negotiations are continuing, but no transaction has been announced.
Unicaja had previously described the discussions as preliminary. There is still no final decision on the operation or on whether it would cover all of WiZink or only part of its assets.
Saurina now combines the executive chair with responsibility for carrying out the plan approved by the board. He had been WiZink's non-executive chairman since January 2023. He joined the bank's board in 2019 as an independent director. The appointment gives the main shareholder an executive leader who knows the institution well.
Värde Partners controls more than 75% of WiZink. The fund chose Saurina because of his detailed knowledge of the business. His earlier career included senior roles at Bankia during the period led by José Ignacio Goirigolzarri. He also held a seat on the board of parent company BFA and served as Bankia's territorial director in Catalonia. Saurina was a member of Bankia's Transformation Committee. He spent ten years at KPMG.
The financial challenge is substantial. WiZink has reported net losses for six straight years. Litigation over revolving cards has been a major cause. The cards were the bank's flagship product in Spain for almost a decade.
The loss reached 53 million euros last year. Banco de España statistics show a loss of 3.07 million euros in the first half of 2026. That was about 55% less than a year earlier. Bank sources say the result had turned positive by August.
Legal risk remains active in 2026. Reports published on 24 September described new Spanish court decisions against WiZink in revolving-card cases involving annual effective rates of 27.24% and 24.6%.
Over several financial years, WiZink set aside more than 600 million euros for claims that alleged abusive interest rates. Accumulated losses in the income statement have exceeded 350 million euros since 2020.
Spanish law does not regulate revolving cards in the same way as France or Portugal. WiZink says recent case law has become clearer. Court decisions are still arriving. The issue remains a material source of provisions and legal costs.
The business is no longer built only around revolving cards. Nafaa had been asked to diversify consumer finance. During his three years at the bank, revolving exposure fell to half of WiZink's total credit portfolio. That portfolio was valued at 3.6 billion euros.
Some of the portfolio moved into second-hand vehicle loans through Lendrock. WiZink says it still offers revolving cards because customers request them. The product is used across Europe.
The ownership group has already tested several options for the bank. Värde Partners tried to float WiZink in 2018. It later sought buyers for Aplazame and the Portuguese business. Market offers reportedly fell short of expectations.
Current talks with Unicaja focus on the consumer-finance platform and Portugal's credit-card business. WiZink is a leader in that market. Reporting from 20 September 2026 described Unicaja's position as preliminary talks, not a completed agreement.
Under the structure under discussion, Värde and the other shareholders would keep revolving-loan portfolios tied to court claims. The possible transaction would require a complex split between a "good bank" and a "bad bank" under Banco de España supervision. Legal costs are one of the main obstacles.
The corporate story is separate from the political disputes examined in earlier reporting. It still demands precise facts rather than easy headlines.
Saurina's appointment keeps WiZink on its existing course. The bank retains its strategic roadmap, its diversification effort and its talks with Unicaja. The new executive must turn a sharply reduced loss into sustained profit.
The recovery is not finished. WiZink still lost 3.07 million euros in the first half of 2026. Legal exposure continues to shape the bank's structure. The route set out under Nafaa remains in place: reduce dependence on revolving cards, expand other consumer-finance segments and carry out the plan without changing direction.
This is not a reset at WiZink. It is an unfinished turnaround under pressure.
