Connect with us

Top Stories

Santander’s board begins search for CEO Alvarez’s replacement

Santander's board begins search for CEO Alvarez's replacement 1

(Reuters) -Spain’s Santander SA has begun the process to find a replacement for Chief Executive Officer Jose Antonio Alvarez, according to a source familiar with the matter, gearing up for a change at the bank’s helm after seven years.

The bank’s board, however, has not provided a time-frame for the search, the source added.

A number of the bank’s top executives are among candidates to replace Alvarez, several bankers and financial sources in Spain told Reuters. Among them are Santander’s regional head of Europe Antonio Simoes, wealth management head Victor Matarranz, CEO of Santander Mexico Hector Grisi and the lender’s Chief Financial Officer Jose Antonio Garcia Cantera.

The plans were first reported by Bloomberg News, which said Alvarez had communicated internally that he plans to step down.

Santander declined to comment on the search and on the potential candidates, when contacted by Reuters.

The plans come more than three years after the Spanish lender withdrew the offer to make Italian banker Andrea Orcel CEO in 2019, making a rare, unexpected U-turn on such a high-level appointment. (

The decision led to a sour legal battle when Orcel filed a civil lawsuit against Spain’s biggest bank. The former UBS group banker now heads Italy’s second biggest bank UniCredit SpA.

(Reporting by Niket Nishant in Bengaluru and Jesús Aguado in Madrid; Editing by Shailesh Kuber)

Editorial & Advertiser disclosure
Our website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
Global Banking and Finance Review Awards Nominations 2022
2022 Awards now open. Click Here to Nominate


Newsletters with Secrets & Analysis. Subscribe Now