Santander names new consumer chief

29 January 2008

MADRID – Leading Spanish lender Banco Santander said Monday it had named Magda Salarich to take over as chief of its Santander Consumer Finance unit.

Salarich has extensive experience in the automobile sector. She was named chief executive officer of French manufacturer Citroën’s Spanish operations in 2001 and its marketing manager for the whole of Europe.

Salarich already sits on the board of directors of Banif, the private banking division of Santander. Santander Consumer is present in 18 countries.

Salarich replaces Juan Rodríguez Inciarte, who is standing down at Santander Consumer Finance to take up the Santander board seat vacated by Mutua Madrieña Automovilista.

The local insurer gave up its representation after selling its 1.17-percent stake in the bank in November of last year. It bought the stake in April 2004 and generated a capital gain of EUR 528 million.

Inciarte was also named general manager for strategy of the Santander group. He also sits on the board of the Spanish bank’s US affiliate Sovereign.

Subject: Spanish news