Santander looks to network effects to answer its critics

Investors are always looking for something new from banks. Santander came up with the goods during its capital markets day in late February, presenting a long-awaited new chief executive.

After the aborted hire in 2019 of Andrea Orcel, now CEO of UniCredit, José Antonio Alvarez unexpectedly stepped into the breach, continuing as chief executive while Santander dealt with the fallout. More than three years later, on January 1, former head of North America Héctor Grisi became Santander’s first CEO from Latin America – a move emphasising how much executive chairman Ana Botín realises that Santander’s banks in Europe can learn from its banks in Latin America today.