May 13 (Reuters) - Spain's Santander SA has begun
the process to find a replacement for Chief Executive Officer
Jose Antonio Alvarez, according to a source familiar with the
matter, gearing up for a change at the bank's helm after seven
The bank's board, however, has not provided a time-frame for
the search, the source added.
A number of the bank's top executives are among candidates
to replace Alvarez, several bankers and financial sources in
Spain told Reuters. Among them are Santander's regional head of
Europe Antonio Simoes, wealth management head Victor Matarranz,
CEO of Santander Mexico Hector Grisi and the lender's Chief
Financial Officer Jose Antonio Garcia Cantera.
The plans were first reported by Bloomberg News, which said
Alvarez had communicated internally that he plans to step down.
Santander declined to comment on the search and on the
potential candidates, when contacted by Reuters.
The plans come more than three years after the Spanish
lender withdrew the offer to make Italian banker Andrea Orcel
CEO in 2019, making a rare, unexpected U-turn on such a
high-level appointment. (https://reut.rs/3MfNY1x)
The decision led to a sour legal battle when Orcel filed a
civil lawsuit against Spain's biggest bank. The former UBS group
banker now heads Italy's second biggest bank UniCredit SpA
(Reporting by Niket Nishant in Bengaluru and Jesús Aguado in
Madrid; Editing by Shailesh Kuber)