Carles Cavallé was the general director of the prestigious IESE Business School from 1984 to 2001 and a professor in the Strategy department for decades. This PhD in Engineering had the opportunity to frequently interact with Luis Valls, with whom he shared a deep connection far beyond their shared Barcelona origins.

The emeritus director’s memory is clear, and he has no doubts when beginning his account by highlighting Luis Valls’ greatest virtue: his magnanimity—the ability to see enormous potential in ideas that others overlook or fail to recognize as extraordinary when executed properly.

He explains that this virtue is not something one preaches but rather demonstrated through actions.

Cavallé continues reflecting on Valls’ character, affirming that one of his key pillars was undoubtedly professional competence. His pursuit of excellence always defined his work and vision, especially in a fast-moving world. The former business school executive states, “In this regard, Luis was a paradigm—he wanted to be aware of everything that was happening to understand how it could impact his business.” For him, this was an example of how professional competence was essential to Valls.

According to Cavallé, employee satisfaction was another of Valls’ major concerns. He wanted his teams to be well-trained, regardless of their position within the bank. Everyone was expected to strive for growth—” to be happy, to progress with a strong team.” That’s why he wanted everyone to be capable and willing to learn. According to the emeritus professor, this inspiration was directly instilled by Luis Valls throughout the entire banking institution.

Regarding social work, Cavallé describes the characteristics of the projects that Valls and his team typically value. First, I know those who are requesting and have trusted references who can vouch for their genuine intentions. Second is the project’s solidity—an essential, non-negotiable factor requiring robustness and a well-structured plan. Lastly, trust. Although these three aspects were key, they were not always met, as many projects supported by the foundations helped anonymous individuals with solid needs or initiatives.

Valls was “ahead of his time,” says Cavallé, because he embraced a new type of banking that went beyond the sector’s conventional business model. He “looked both inward and outward at the same time.” The great legacy of the Catalan banker was “teaching people to develop themselves through their work, placing the individual at the center of all activity.”