Arab Today, arab today spains powerful santander bank chief botin dies
Last Updated : GMT 11:15:04
Arab Today, arab today
Arab Today, arab today

Spain's powerful Santander bank chief Botin dies

Arab Today, arab today

Arab Today, arab today Spain's powerful Santander bank chief Botin dies

Santander chairman Emilio Botin
Madrid - AFP

Emilio Botin, head of top European bank Santander and a key character in Spain's financial crisis drama, has died suddenly of a heart attack, aged 79, the company said Wednesday.
Botin was one of the most powerful men in Spain, where critics branded him a symbol of excesses in the banking system which sparked a ruinous property crash -- although his own bank survived it.
He took over from his father as Santander's executive chairman in 1986 and expanded it, fusing it over time with entities such as Britain's Abbey National and others in Latin America.
Spain's conservative Prime Minister Mariano Rajoy paid tribute to Botin on Wednesday, calling his bank "a great ambassador for brand Spain".
Botin's sudden death, weeks before his 80th birthday on October 1, "was a surprise and a great blow", Rajoy told reporters at parliament.
Business magazine Forbes estimated the fortune of Botin -- whose surname happens to mean "loot" in Spanish -- at 1.1 billion euros ($1.4 billion).
Leading the international expansion of his bank, named after its hometown in northern Spain, Botin would entertain foreign journalists by joking about his strong Spanish accent when he spoke English.
A patron of science and the arts, he enjoyed the smooth image of a neatly-groomed bald executive in his trademark red tie, known to his managers as "El Presidente".
He kept a collection of art and groves of olive trees at Santander's vast headquarters on the outskirts of Madrid and was a keen golfer and fan of Formula One racing.
- Daughter likely successor -
Botin was long courted by politicians but drew howls of anger from protesters in the street amid the crisis that led Spain close to financial collapse and rattled the eurozone in 2012.
"Botin, the party's over!" demonstrators would yell, as the country's finance sector slid towards a 41-billion-euro ($53 billion) bailout by its eurozone partners.
The biggest bank in the eurozone by capitalisation, currently valued at 91.6 billion euros, Santander itself survived the crisis, but Botin's image suffered.
In 2013 he was summoned to court to testify over Santander's role in the stock market launch of Bankia -- the group whose spectacular collapse and emergency nationalisation precipitated the bailout.
Previously, he had been cleared in 2005 of embezzlement accusations and in 2012 of alleged tax fraud.
The collapse of the property market plunged Spain into a deep economic crisis from which it is only now recovering at the cost of deep reforms, with millions out of work
The bank said in a statement on Wednesday that Botin had died overnight, with a bank spokesman confirming separately that it was due to a heart attack.
Santander said the board would meet later Wednesday to appoint his successor.
Spanish media named the likely successor as his daughter Ana Patricia Botin, 53 -- one of his six children. She is currently in charge of Santander's British subsidiary.
"I hope that the things remaining to be settled will be settled as quickly as possible and that the bank will continue to be a great ambassador for brand Spain and will carry on acting as a great financial entity for these times," Rajoy said.
Santander's shares fell by 1.29 percent to 7.65 euros on the Madrid stock exchange on Wednesday morning after the news of Botin's death. Madrid's Ibex-35 index of leading shares was down by 0.49 percent overall.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today spains powerful santander bank chief botin dies Arab Today, arab today spains powerful santander bank chief botin dies

 



Arab Today, arab today
Arab Today, arab today Nasima Gamei revives heritage in jewelries

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday