Former chair of US FDIC to have a seat in Spanish bank’s board Santander

The Board of Directors of Banco Santander has agreed to appoint, by co-optation, Sheila Bar as an  independent director of the company. This appointment has to be ratified at the next Banco Santander shareholders’meeting.

Sheila Bair (USA, 1954), who will occupy the vacancy left on the board by Lord Burns, played an important role during the financial crisis as chair of the Federal Deposit Insurance Corporation from 2006 to 2011.

This was a key institution during the financial crisis in the U.S. Among its responsibilities, together with deposit guarantees, is the resolution of institutions, including taking control, selling or liquidating banks that are in difficulty.

Santander’s Board of Directors is convinced Sheila Bair will make a significant contribution, due to her international experience and her knowledge of the U.S financial market. The Santander Group is present in the U.S. through its consumer finance business, Santander Consumer USA, and its retail banking operation, Santander Bank.