Ana Patricia Botin was approved as the new boss of Santander bank yesterday, following the sudden death of her father, Emilio Botin, from a heart attack at the age of 79.
Although Mr Botin’s daughter had not been publicly named as his successor, the bank’s board unanimously approved her promotion to lead the euro zone’s largest lender.
Ms Botin (53) had been overseeing Santander's activities in Britain, having spent previous spells working at Banesto and JP Morgan.
“She is the best-suited person given her personal and professional qualities, her experience, her background in the group and her national and international recognition,” the bank said in a statement.
Emilio Botin, who died on Tuesday, joined the bank in 1958, rising through its ranks to succeed his father as chairman in 1986. His leadership was characterised by a hands-on style and an aggressive expansion strategy, which saw the group acquire other lenders such as Banesto, in 1994, a move which made it Spain’s biggest lender.
Santander looked increasingly abroad, moving into the British market in 2004 with the acquisition of Abbey National.
In recent years Santander has been particularly active in Latin American countries such as Brazil and Mexico, helping to protect it from the brunt of the economic downturn in Spain and Europe. The Santander group now has an estimated 100 million customers around the globe.
“He was a great ambassador for the Spanish brand,” said Spanish prime minister Mariano Rajoy. “The bank Mr Botin led is our country’s biggest and I trust that after his passing things will be resolved as well as possible.”
Tributes poured in yesterday from the financial world but also from other areas where the charismatic Mr Botin was involved, such as culture and motor racing. Formula 1 drivers Fernando Alonso and Lewis Hamilton were among those who expressed their condolences.
In 2007, Mr Botin oversaw the revision of Santander’s statutes to allow him to continue his chairmanship beyond the age of 72 and he frequently fended off questions about his retirement, insisting he was in good health.
