Banco Santander has announced the appointment of a management team for a new holding company. The firm has announced that Francisco del Cura, currently global head of insurance, is to become chair of Santander Insurance Holding. The firm has also announced that Armando Baquero will become the firm's CEO.

The new holding company will bring the firm's worldwide insurance companies under one roof. Santander Insurance Holding is to oversee the firm's global insurance businesses. Santander runs its insurance business through wholly-owned companies, special distribution agreements, and partnerships with other insurers.