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Santander’s Saenz Suspended From Banking for Three Months

Spain’s Supreme Court upheld a conviction against Banco Santander SA Chief Executive Officer Alfredo Saenz and suspended him from banking for three months.

Santander will appeal the sentence handed down to Saenz for making a false accusation, an official for the bank said in a telephone interview, while the lender said in a filing to regulators its board backed Saenz to continue as CEO. As well as suspending him from his banking duties, the Madrid-based court imposed a three-month jail term on Saenz, although he’s unlikely to serve it, a court official said in a phone interview.