MADRID | By J.P. Marín Arrese | Santander´s management has provided little explanation for the huge 10% capital increase launched last week. The official announcement vaguely notes the need to seize new opportunities when economic prospects are improving. Can we bet on such a promising outlook when so many uncertainties prevail in Europe? It doesn’t seem very convincing. Rumours on potential take-overs also seem rather odd, as raising cash before entering a bid will only serve to increase the final bill. It makes more sense to gauge this move as a means aimed at buttressing the bank´s own funds.
MADRID | The Corner | Banco Santander CEO Javier Marín will leave eurozone’s largest lender after only two years in the role. Ana Botín, in charge of the bank after her father Emilio Botín died in September, announced Marín’s replacement by Jose Antonio Álvarez, who has spent the past decade as CFO. Ana Botín also made several changes to its board of directors. Shares in Santander rose 1.8% to 7.22 euros in Madrid following the announcement.
MADRID | By J.P. Marín Arrese | Only a few hours following the death of former Santander chief Emilio Botín, his daughter Ana Botín was thrust into the spotlight as his replacement. This offered further proof -if it were needed- of the firm grip on the Board of Directors which the family continues to hold. Its stake, reckoned to stand at less than 1%, has not prevented the swift transition from taking place.
MADRID | By Tania Suárez | Ana Botín will now be part of a first level team in David Cameron’s government, which will stand up for Brand London as international financial centre. The Prime Minister has chosen the Spanish businesswoman after her harsh speech on “the culture of pessimism” in Britain.