Mario Centeno joins Abanca group insurer board

Former Bank of Portugal governor Mario Centeno will become a non-executive director at Abanca Vida y Pensiones, the life insurer of Spain’s Abanca group, ECO has learned. The move marks a rare private-sector role for one of Portugal’s best-known former central bankers, shortly after the end of his post-office cooling-off period.

According to ECO’s reporting, Centeno will also join the insurer’s audit committee. The company does not operate directly in Portugal’s insurance market through a local branch. Centeno declined to comment when contacted by ECO.

Centeno, who led Banco de Portugal from 2020 to 2025, had until this week been barred from taking paid roles in banking under a cooling-off clause agreed when he left the central bank. During the 12 months after his departure, he was required to notify the European Central Bank and Banco de Portugal of any paid work, including his role as an economic and political commentator on CNN. ECO reported that this new appointment was also notified.

Abanca is a Spanish banking group with roots in Galicia and has expanded in Portugal through the acquisition of Deutsche Bank’s local business and later EuroBic. The group reported net profit of €308 million in the first half of this year, while its Portuguese operation posted profit of €41.6 million, up 12% from a year earlier.

Originally published at Eco.pt