UBS banker is Santander boss

SANTANDER Group has appointed a chief executive.

The head of UBS’s investment bank Andrea Orcel will replace Jose Antonio Alvarez, who has been in the role since 2015.

Santander Group, which is the parent of Santander UK, said the shake-up was part of plans to replace Rodrigo Echenique, the group’s vice chairman and chairman of Banco Santander Spain.

Alvarez will replace him. The changes are expected to formally take place in early 2019.