Banco Santander’s Board today approved a series of management and organisational changes which further simplify the Group’s corporate structure and enhance its internal governance

1. 1
Comunicación Externa.
Ciudad Grupo Santander Edificio Arrecife Pl. 2
28660 Boadilla del Monte (Madrid) Telf.: 34 91 289 52 11
email:comunicacionbancosantander@gruposantander.com
Banco Santander completes its organisational
simplification and reduces senior
management roles
Madrid, June 30th
, 2015. Banco Santander’s Board today approved a series of management
and organisational changes which further simplify the Group’s corporate structure and
enhance its internal governance:
• The new corporate structure will facilitate work and increase both competitiveness and
focus on adding value to the Group’s core local country businesses.
• The number of divisions has been reduced from 15 to 10 in the last six months and with
today’s changes the number of senior executive vice-presidents is reduced by 7 (or
23%).
• We are enhancing the Group’s internal governance with the creation of a board for
Santander Spain.
Ana Botín, Santander’s Group Executive Chairman, said: “These changes complete the
management team which José Antonio Álvarez and I began restructuring in 2014. To achieve
our vision to be the best retail and commercial bank for our people and customers, and to
continue to generate sustainable growth we must simplify and make our organisation more
competitive”.
The changes are as follows:
 Board of Directors, Banco Santander
o Ignacio Benjumea, General Secretary and Secretary of the Board, will leave his
executive role and will become an external Board Director.
o Juan Rodriguez Inciarte, has resigned from the Board for personal reasons and will
leave his role as Senior Executive Vice-President in December this year.
The Board extended its gratitude to Mr. Rodríguez Inciarte and Mr. Benjumea, who have
served it so well over the past two decades.
 Senior Management
o Jaime Pérez Renovales, Senior Executive Vice-President, has been appointed General
Secretary and Secretary of the Board effective September 1st. He will lead the
newly-created Division of General Secretariat and Human Resources, which will
integrate the areas of Legal and Tax and all the areas which were under the former
division of Human Resources, Organisation and Costs. Pérez Renovales is a highly
accomplished professional who is returning to the Group following a period of 3.5
years in the public sector. Jesús Cepeda, Senior Executive Vice-President and until
now Head of Human Resources, Organisation and Costs, will leave his role on
September 1st.
PRESSRELEASE

2. 2
Comunicación Externa.
Ciudad Grupo Santander Edificio Arrecife Pl. 2
28660 Boadilla del Monte (Madrid) Telf.: 34 91 289 52 11
email:comunicacionbancosantander@gruposantander.com
o Rami Aboukhair, Senior Executive Vice-President of the bank with extensive
expertise in retail banking in Spain and the UK, has been appointed country head for
Santander Spain, replacing Enrique García Candelas, who will become Vice Chairman
of Santander Totta (Portugal) following his great work in Spain.
o Javier San Félix has been appointed Head of the Retail Bank in Santander UK,
reporting to Nathan Bostock, CEO of Santander UK. Ángel Rivera, Senior Executive
Vice-President, has been appointed Head of the Retail and Commercial Banking
Division.
o In the last few weeks, the following Senior Executive Vice Presidents have also
resigned from their roles:
 Remigio Iglesias (Head of Recoveries)
 Juan Andrés Yanes who will be replaced as Head of Strategic Alliances by
Juan Manuel San Román.
 Luis Moreno (Head of Private Banking)
 José María Espí (Director of Internal Control and Risk Assessment)
The bank would like to thank all senior executive vice-presidents who are leaving their
executive roles for their service to Santander and their commitment and contribution to the
bank’s success over the years. These appointments are subject to regulatory approval.
 Board of Directors, Santander Spain
Two years ago all the Group's businesses serving customers in Spain were consolidated
under Santander Spain to establish a clear separation between the functions of this unit and
the corporate center. Today we are announcing a further step in the process of
strengthening Santander Spain by creating a Board to oversee it. This will bring its
governance structure in line with the Group model which exists in other country subsidiaries.
It does not change the legal structure of the bank.
This Board will monitor and supervise the activities of Santander Spain, including its policies
and strategies, risk, human resources and senior management appointments as well as a
number of control and monitoring tasks.
The Board of Directors of Banco Santander has appointed Rodrigo Echenique, Vice Chairman
of the bank, in the additional role as Chairman of the Board of Santander Spain.
The Board of Santander Spain will have at least one third independent directors with the
Country Head of Spain (Rami Aboukhair) as a permanent member. The Group has also
appointed to the Board of Santander Spain, Ignacio Benjumea, Angel Rivera (Head of the
Retail and Commercial Bank Division), José María Nus (Chief Risk Officer), José García
Cantera (CFO), Carlos Barrabés, Javier Monzón and Gonzalo Alonso-Tejuca, the last three of
whom are independent directors.
“Our goal in making these changes is to have the best qualified professionals in the right roles
and progress towards becoming a bank that is Simple Personal and Fair for our people,
customers, shareholders and communities”, Ana Botín said.