Santander chairman Emilio Botin has passed away, the banking group has announced.
Botin (pictured), father of Santander UK chief executive Ana, was considered one of Spain’s most powerful businessmen.
The bank’s share price fell 1.7% following the announcement.
He oversaw the rapid growth of Santander from a Spanish regional bank to a global player through purchases of institutions in Latin America and Europe.
Santander Group acquired Abbey National in 2010 along with the Bradford & Bingley savings business and branch network. The newly born Santander UK was merged with Alliance & Leicester later that year.
Botin was the third generation of his family to lead Santander and a replacement will be decided at a board meeting today. Ana Botin is seen as the frontrunner to succeed her father.
