Following chief executive Iheb Nafaa's resignation, Joaquim Saurina has assumed executive control of WiZink. The bank reported a net loss of 3.07 million euros for the first half of 2026, although bank sources say its result had turned positive by August.
WiZink says its five-year strategy will not change. The immediate goal remains a return to profit, while talks with Unicaja over selected businesses continue.
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, which began months ago and were confirmed in spring by the Málaga-based bank. Europa Press reported that negotiations are continuing, but no transaction has been announced. Unicaja had previously described the discussions as preliminary. No final decision has been made 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 and joined the bank's board in 2019 as an independent director. The appointment gives the basic shareholder an executive leader with deep knowledge of the institution.
Värde Partners controls more than 75% of WiZink. The fund chose Saurina for 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 Change Committee and spent ten years at KPMG.
The financial challenge is large. WiZink has reported net losses for six consecutive years, with litigation over revolving cards 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, 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 alleging 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, but court decisions continue to arrive. The issue remains a material source of provisions and legal costs.
The business is no longer built solely 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, 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 and 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 being discussed, 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 basic obstacles.
The corporate story is separate from the political disputes examined in earlier reporting. It still calls for precise facts, not easy headlines.
Saurina's appointment keeps WiZink on its existing course. The bank retains its strategic roadmap and diversification effort, while talks with Unicaja continue. 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, and legal exposure continues to shape the bank's structure. The route set out under Nafaa remains in place: reduce dependence on revolving cards and expand other consumer-finance segments, while keeping the plan on its existing course.
