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Jorge Morán to be named Chief Executive of Sovereign and U.S. Country Head for Santander


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*Gabriel Jaramillo will remain non-executive Chairman of Sovereign.

*The Global Insurance Division will become part of the Asset Management and Global Private Banking Division, under the leadership of Javier Marín.

Madrid, - The executive committee of the Board of Directors of Banco Santander has agreed to propose Jorge Morán be named Chief Executive of Sovereign Bank and Country Head of Santander businesses in the United States.

Gabriel Jaramillo will be joining the United Nations Office of the Special Envoy for Malaria, with the objective of contributing to eliminate malaria deaths by 2015. During his 15 years with Santander, Gabriel Jaramillo has had a history of success as CEO in Brazil and now in the United States. Gabriel Jaramillo will continue as non-executive Chairman of the Board of Directors of Sovereign.

Jorge Morán is currently a Senior Executive Vice President of Banco Santander, head of its Global Insurance Division and a member of the Group’s management committee. He joined the Santander Group in 2002 as Head of Asset Management. During 2005 and 2006, he was Chief Operating Officer of Abbey, Santander’s business in the U.K., and from 2005 until 2008 a member of its Board of Directors. Before joining Santander, Jorge was Chief Executive Officer of Morgan Stanley for Spain and Portugal and a partner of AB Asesores, a brokerage and asset management company.

The changes reflect the successful completion of the first phase of the integration of Sovereign into Grupo Santander and the goal of further strengthening Santander’s U.S. businesses.

The Insurance Division, led until now by Jorge Morán, will become part of the Asset Management and Global Private Banking Division, headed by Banco Santander Senior Executive Vice President Javier Marín Romano.



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