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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 a global brand with a presence in ten countries.
The group's shares fell 1.7% as the news broke.The group's shares fell 1.7% as the news broke.
Banking dynasty
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.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.
He became managing director in 1967, chief executive a decade later, then chairman in 1986. He became managing director in 1967 and chief executive a decade later, then chairman in 1986.
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. If she does so she will become the fourth generation of the family to take the helm. 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.
ExpansionExpansion
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.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).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. In 2007, Santander was part of a consortium led by the Royal Bank of Scotland (RBS) to buy Dutch bank ABN Amro for £49bn - Europe's largest ever bank takeover.
But the deal was a step too far for RBS, ruining its balance sheet and forcing the UK government to pump in about £45bn to keep the bank afloat.
Santander, by contrast, emerged unscathed after picking off ABN's Italian and Brazilian businesses.
After swallowing the UK's Alliance & Leicester and Bradford & Bingley in 2008, Santander became the third largest bank in the UK by deposits.
Profits of 8.88bn euros saw the bank become third most profitable bank in the world.
Primarily focused on European and Latin American expansion, Santander broke with tradition in 2010 and bought US retail bank, Sovereign.
Mr Botin's latest deal was the acquisition of Spanish banks Banesto and Banif in 2013.
Personality
A friend of presidents and royalty, "El Presidente" as he was known, kept a low public profile but was very well connected.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.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.
Mr Botin's personal wealth has been estimated by Forbes at over $1bn.