MADRID (Reuters) – Banco Santander <SAN.MC> has appointed Andrea Orcel as its new chief executive officer to replace Jose Antonio Alvarez, Spain’s biggest bank said on Tuesday.
Orcel has been head of UBS Group’s <UBSG.S> investment banking business since 2014 and a member of the bank’s executive board since 2012.
Alvarez will become vice-chairman of Banco Santander and executive chairman of the bank’s domestic Spanish division.
“Andrea has worked closely with us for the past two decades, in the development and execution of our strategy, and understands and is aligned with the Santander culture,” Santander Chairman Ana Botin said in a statement.
Bank of America Merrill Lynch <BAC.N>, where Orcel worked between 1992 and 2012, and UBS have advised Santander on many corporate moves.
“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,” Botin added.
UBS appointed Piero Novelli and Robert Karofsky as joint heads of its investment bank after Orcel’s departure.
The new appointments at Santander will be effective In early 2019 following regulatory approvals.
(Reporting by Julien Toyer, Editing by Jane Merriman and Ed Osmond)