September 25, 2018 / 4:12 PM / a month ago

Banco Santander appoints UBS's Orcel as new CEO

MADRID, Sept 25 (Reuters) - Spain’s biggest bank Banco Santander on Tuesday said it had appointed Andrea Orcel as new chief executive officer to replace Jose Antonio Alvarez.

Orcel has been the head of UBS Group’s investment banking business since 2014 and a member of the banks’s executive board since 2012.

Jose Alvarez will become vice-chairman of Banco Santander and executive chairman of the bank’s domestic Spanish division.

The new appointments will be effective on January 1, 2019, Santander also said in a statement. (Reporting by Julien Toyer. Editing by Jane Merriman)

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