Banco Santander names new Sovereign Bank CEO

Spain’s Banco Santander SA said Tuesday it will move an insurance executive into the role of CEO of its Sovereign Bank subsidiary and leader of its businesses in the United States.

Jorge Moran, a senior executive vice president of Banco Santander and head of its global insurance division, will succeed Gabriel Jaramillo, who is joining the United Nations as a special envoy to fight malaria.

Jaramillo, who was with the company for 15 years, will continue as a non-executive board chairman of Sovereign and Santander Holdings USA Inc.

Moran joined the Santander Group in 2002 as head of asset management. He was chief operating officer of Abbey, Santander’s business in the United Kingdom in 2005 and 2006. He was a member of its board of directors from 2005 until 2008.

Banco Santander has more than 90 million customers, 13,671 branches, and 170,000 employees.

Its Sovereign Bank subsidiary serves markets in the northeastern United States. It has more than 700 branches and about 8,000 employees.

Banco Santander shares traded in the United States rose 3 cents to $11.18 in late trading.

Banco Santander names new Sovereign Bank CEO

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