Today, Santander, the largest bank in Spain, announced that Andrea Orcel, the investment banking head of UBS, would b taking takeover as the chief executive of the company after Jose Antonio Alvarez early next year.
Alvarez will be moving to become the vice-chairman of Banco Santander. He will also be the executive chairman of its Spanish division.
Ana Botin, the chairman of Santander, said that Orcel had already been working with the bank for the past 20 years “in the development and execution of our strategy, and understands and is aligned with the Santander culture.”
Orcel has served as an advisor to the Botin family that controls Santander for many years. He had also supported Emilio, Botin’s father, at the helm of the Spanish bank until his death in 2014.
Botin continued: “He brings a deep understanding of retail and commercial banking, as well as a strong track record in managing diverse teams across Europe and the Americas in a collaborative way.”
Orcel’s position at UBS will be taken over by Piero Novelli and Robert Karofsky who wll act as joint heads of its investment bank.
He is scheduled to leave his UBS position next week. Previously, he had been noted as a potential candidate to succeed Sergio Ermotti, the chief executive of UBS.
He is also best known for his advisory position in the acquisition of ABN Amro by Santander, RBS and Fortis 2007. Later, the latter two were nationalised by their respective governments after both collapsed in the wake of the financial crisis.