AndIn a statement, Santander said that Antonio Simoes, who will take over until September 1 to “ensure a smooth transition,” is leaving the bank to take on new duties as CEO of Grupo Legal & General plc.
According to the note, under the leadership of Pedro Castro y Almeida, who will remain as CEO, Portugal’s Banque Santander has become “the most efficient and profitable bank in the country.”
As responsible for the European business (including Santander banks in Spain, UK, Poland and Portugal), Pedro Castro y Almeida will report to Group CEO Hector Gresi. Executives in Spain, UK and Poland will report directly to you.
Pedro Castro y Almeida joined Santander Portugal in 1993 and has served as CEO for the past five years.
During this period, the memo adds, the business has undergone a “significant transformation, including streamlining and automating operational tasks.” Prior to being named CEO, he was CEO of Santander Portugal for over 10 years, leading many areas of the bank.
Antonio Simes joined Santander in 2020, accumulating the role of Chief Executive Officer for Spain and responsible for the Europe region, playing a “key role” in transforming the bank’s business in Europe, the banking entity explains.
Under his leadership, he adds, the bank has “made great progress integrating its businesses across the region and building One Santander.”
All this, he adds: “This resulted in an increase in after-tax results in Europe from €1.1 billion in 2020 to €3.8 billion in 2022, an excellent first quarter of this year, with a profit of more than 19% over the same period.”
“Profitability increased from 3% of RoTE in 2020 to 13% in the first quarter of 2023, supported by business growth that has boosted the customer base by 1 million customers in the past 12 months,” Santander highlights.
Ana Botín, CEO of Banco Santander, congratulated Pedro Castro y Almeida on his appointment and thanked Antonio Simoes for his contribution.
“Pedro has done an excellent job in leading Santander Portugal, making the bank a leader in customer satisfaction, efficiency, profitability and a transformative model to follow,” said Ana Botín.
Quoting the statement, Pedro Castro y Almeida expressed his satisfaction at the opportunity to lead the business in Europe, saying, “We have made tremendous progress building One Santander in the region and have an exceptional team on the ground.”
He added, “We will continue to focus on a new phase of value creation to achieve the goals set this year on Investor Day.”
Also Read: Santander Agrees to Pay $508 Million Dividend
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