March 19, 2019 / 2:30 PM / a month ago

UPDATE 1-Orcel hires Spanish legal adviser over Santander CEO dispute

(Updates with more details)

MADRID, March 19 (Reuters) - Andrea Orcel, who had an offer withdrawn to be CEO of Santander, has hired Spanish legal adviser Decarlos Remon to handle his dispute with the bank, the legal firm told Reuters on Tuesday.

A spokesman for Orcel declined to comment.

The Italian banker is in talks with Santander after the Spanish bank withdrew its offer to make him chief executive earlier this year as it would not meet his pay expectations.

Decarlos Remon began working with Orcel a week ago to advise him on his legal strategy, according to a spokeswoman for the legal firm.

"Orcel is still reviewing his options. There is no decision on whether he will sue Santander," said a source close to the Italian banker.

A Santander spokeswoman declined to comment.

At the beginning of March, Santander offered Orcel a senior advisory role in an attempt to mend fences with the former president of UBS's investment bank, two sources said.

Orcel remains on gardening leave from UBS until the end of March, one of the sources said, and will later decide on his next steps.

Santander's decision in January to withdraw its offer to Orcel shocked the banking industry. The company said it could not meet Orcel's pay expectations in a rare u-turn on such a high-level appointment.

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