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Santander's chairman Emilio Botin dies Santander's chairman Emilio Botin dies
(35 minutes later)
Emilio Botin, chairman of the Spanish banking giant Santander, has died aged 79, the company has announced.Emilio Botin, chairman of the Spanish banking giant Santander, has died aged 79, the company has announced.
The bank said Mr Botin died of a heart attack on Tuesday night.The bank said Mr Botin died of a heart attack on Tuesday night.
The appointments and remuneration committee and the board of directors will meet on Wednesday to appoint a new chairman.The appointments and remuneration committee and the board of directors will meet on Wednesday to appoint a new chairman.
Mr Botin, a scion of a banking dynasty, was credited with building a small regional bank into the global brand it is today.Mr Botin, a scion of a banking dynasty, was credited with building a small regional bank into the global brand it is today.
The group's shares fell 1.7% as the news broke.The group's shares fell 1.7% as the news broke.
Mr Botin, a graduate in economics and law, joined the bank's board in 1960. Mr Botin - full name Emilio Botin Sanz de Sautuola y Garcia de los Rios - was a graduate in economics and law who joined the bank's board in 1960.
Under his leadership, Santander grew by acquisition in Latin America in the 1990s and bought British lender Abbey National in 2004 for more than £9bn. He became managing director in 1967, chief executive a decade later, then chairman in 1986.
The group now has a market capitalisation of nearly 93bn euros (£75bn; $120bn).
His father and grandfather were also named Emilio and served as chairmen of Santander.His father and grandfather were also named Emilio and served as chairmen of Santander.
Mr Botin's eldest daughter, Ana, runs the group's British business and is expected to succeed him as bank chair. Mr Botin's eldest daughter, Ana, runs the group's British business and is expected to succeed him as bank chair. If she does so she will become the fourth generation of the family to take the helm.
If she does so she will become the fourth generation of the family to take the helm. Expansion
Under his leadership, Santander grew by buying up companies in Latin America in the 1990s and bought British lender Abbey National in 2004 for more than £9bn.
The group now has a market capitalisation of nearly 93bn euros (£75bn; $120bn).
Mr Botin's personal wealth has been estimated by Forbes at over $1bn.
A friend of presidents and royalty, "El Presidente" as he was known, kept a low public profile but was very well connected.
With a reputation for rigour and scrupulous attention to detail, he oversaw the transformation of the once lesser-known northern Spanish bank into a global brand, with a strong high-street presence that sponsors glamorous sports such as Formula 1 motor racing.