Julio Garcia, until recently the chairman of Bankers Trust Corp.'s Spanish unit, has left the company, a spokeswoman said Wednesday.
Mr. Garcia's departure follows the $9 billion takeover of Bankers Trust by Deutsche Bank AG of Germany in June. The spokeswoman would not comment on the reasons for Mr. Garcia's departure. Local press reports said Mr. Garcia quit because he disapproved of Deutsche Bank's plans for its merged investment banking division.
Mr. Garcia and about six ex-Bankers Trust executives plan to start a Spanish investment services company called Quantica, that would specialize in risk capital and hedge-fund investment, an article in Expansion newspaper said Wednesday. The article also said the chairman of Deutsche Bank in Spain, Juan Carlos Garay, will head Deutsche Bank's new finance group. Nobody at Deutsche Bank in Spain could be reached for comment. -- Dow Jones