(Bloomberg) -- Banco Santander SA has hired Ignacio Julia from ING Groep NV as the chief executive officer of its operations in Spain.
Julia, who has served as the head of the Dutch lender’s Spanish and Portuguese businesses, will replace Angel Rivera, who was in the role for about two years, according to a statement from Santander. Rivera will stay on at Spain’s biggest bank until the end of 2024.
Santander, which achieved record profit last year riding on increases in global interest rates, is now bracing for a hit on margins along with competitors, as monetary authorities start to cut borrowing costs. The lender’s Spanish unit accounted for most of the group’s profit in the first half of this year.
The Madrid-based bank has also agreed to hire CaixaBank SA’s head of wealth management, Victor Allende, according to digital newspaper El Confidencial. A representative for Santander declined to comment. CaixaBank confirmed Allende’s departure in a statement while naming its new head of the unit.
In May, Santander named Javier Garcia-Carranza as the new global head of its wealth management and insurance division, replacing Victor Matarranz.
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